Nevada Casinos Win $15.5B in 2023, Set Another Annual Record
[ad_1]
Posted on: January 31, 2024, 01:27h.
Last updated on: January 31, 2024, 01:58h.
Nevada casinos are fresh off their best 12 months ever.
The Nevada Gaming Control Board (NGCB) revealed Wednesday that 2023 gross gaming revenue (GGR) totaled more than $15.52 billion. The annual win represents a 4.6% improvement from 2022.
Nevada casinos continue to grow revenue in the aftermath of the COVID-19 pandemic. 2023 marked the state’s third consecutive year reporting a new GGR high.
The revenue report shows that state casinos won nearly $10.3 billion on slot machines and more than $5.2 billion from table games and sports betting. The slot haul represents a 2.3% year-over-year increase, while the felt and oddsmakers saw income surge over 8%.
Nevada’s record gaming win can be attributed to several factors, including multiple signature special events which occurred throughout the year and steady demand for gaming-related activities by resilient customers whose behavior has remained consistent in the face of several challenges, which included inflation and rising interest rates,” commented Michael Lawton, the senior economic analyst for the NGCB.
“Nevada has continued to benefit from the surging demand for leisure travel domestically and internationally,” Lawton added.
Nevada remains the richest gaming state in the US. The $15.5 billion easily bested New Jersey, which booked a distant $5.8 billion. Pennsylvania was third at $5.7 billion.
December Delivers
Nevada casinos capped off the year with an unprecedented December where GGR soared to $1.43 billion. The impressive 9% year-over-year jump represented the best December ever for the Nevada gaming industry.
Typically a slow month, as families don’t see Las Vegas as a marquee holiday destination and conventions slow during the Christmas and New Year’s period, December 2023 benefited from the opening of two new casinos.
The Fontainebleau on the Strip opened on December 23, the first new from-the-ground-up casino to open on the main drag since Resorts World in June 2021. Red Rock Resorts’ Durango Casino & Resort opened in Spring Valley on December 5.
December also benefited from the National Finals Rodeo being in town in the early part of the month, a marquee residency from Garth Brooks at Caesars Palace’s Colosseum, and U2 concluding their run at the Sphere.
The Las Vegas Raiders also hosted two games at Allegiant Stadium just west of the Strip against the visiting Minnesota Vikings and Los Angeles Chargers. Both games were sold out.
2023 Records
Numerous markets in the NGCB report revealed record revenue years.
GGR in Clark County hit a record $13.48 billion, a 5.5% premium on 2022. Las Vegas Strip casinos won an all-time high off gamblers, with players losing $8.9 billion.
Table game and sportsbook win on the Strip surged 15.5% to more than $4 billion. Slots added more than $4.8 billion, almost 5% better. The 2023 Strip revenue was 7.4% richer than 2022’s win.
The $909.6 million won by downtown Las Vegas casinos was a record, as was the $183.6 million won by casinos in Mesquite. Casinos in Sparks, Elko County, and Wendover also reported all-time gaming highs.
Reno was a rare blight, as GGR declined almost 1% to $738.3 million. Inflationary concerns among locals were the likely culprit for the stagnant play. Slot machines in the metered segment reported a GGR drop of 2%, while table games and sports betting expanded income by over 5%.
[ad_2]
Source link