Nevada & Las Vegas strip casinos earn $1.63Bil in September

Casinos in Nevada and the Las Vegas Strip have recorded an impressive gross gaming revenue (GGR) for September. Nevada-based casinos were putting out results of unprecedented highs despite the waning demands and subsided plays some state gaming markets are experiencing.

The September 2022 report marked the 19th consecutive month that casinos in the state reported an excess of $1 billion. The casinos first reached the milestone in February 2021 and have continued their record-breaking streak since then.

According to the Nevada Gaming Control Board, the GGR for September totaled $1.248 billion, marking an almost 8% increase from the amount recorded in September 2021. Out of the 20 monitored markets, only three recorded a year-over-year decline.

The casino’s slot machines produced $856.2 million and had the highest year-on-year rise by around 10%. Among them, multi-denomination machines were the most popular and accounted for about $447 million in the slots revenue.

Counter, table, and card games revenue for September also recorded a 4% increase with the recorded $384 million. Blackjack was the most lucrative among the games and produced $86.4 million, which is 6% lower than the amount announced last year. The second most profitable was Baccarat, with $80 million.

The Strip accounted for over 55% of the overall gaming revenue. Clark County alone made the most significant contribution to the Nevada GGR with a $1.06 billion addition to the state’s total for the month. The Las Vegas Strip contribution amounted to $692 million.

Downtown Las Vegas recorded $74 million, while North Las Vegas amounted to $23 million. The two locations were up year on year. Washoe County casinos, including gaming venues in Sparks, Reno, and North Lake Tahoe, experienced a 9.6% year on year revenue increase. South Lake Tahoe had a 394% revenue growth.

The Nevada Gaming Control Board announced that $80.3 million in percentage fees was acquired by the state in October, according to the taxable revenues of September. The amount is a 10.1% decline in comparison to October 2021, which recorded $72.9 million in percentage fee collections.

Racebooks and sportsbooks also recorded gains for Nevada in September 2022. For the month, racebooks experienced a 5% year on year increase with a $2.6 million record.

Sportsbooks in Nevada recorded the second-highest amount in its history in September. They produced $70.6 million, which was up 30.2 percent from the same period last year. The highest amount recorded by sportsbooks is $72 million from last November’s revenue reports.

Sports wagers amounted to $760.8 million, which is a 3.3% decline from last year’s results. The sportsbooks had 9.3% on all wagers, 6.9% higher than last September. Mobile sports wagering produced 64.6% of every sports bet.

The blossoming play on the Strip, despite the economic inflation, can be linked to the return of sizable conventions and events. The kickoff of the college football and NFL seasons also have a hand. Shows and residencies in casinos have been restored to full capacity, with guests filling every available seat.

NGCB’s senior economic analyst, Michael Lawton, said as much and disclosed that the Strip’s GGR for the month could be traced to an event filled calendar month.

“This month’s [Strip] total was driven by another incredibly strong sports and entertainment calendar, which included concerts, residencies, a music festival, and three high-profile sporting events,” Lawton said.

In the past three quarters of 2022, casinos in Nevada and Las Vegas have set a record pace more impressive than the one set a year prior. In 2021, Nevada’s GGR amounted to over $13.42 billion, a big step from the $12.85 billion record set in 2007.

Between January and September, Nevada won over $11 billion across its 312 casinos. Lawton noted that this year could break the record set by the previous year.

“We have three months left in the calendar year, and I’m going to go out on a limb and say this year is going to surpass last year,” Lawton said.

Nevada casinos will likely have another impressive monthly revenue report in October. Lawton, however, noted that the state’s gaming industry would experience some year-over-year declines in the future.

“All markets are going to be facing difficult comparisons for the foreseeable future, and results will be choppy from month to month, and we expect growth rates to moderate,” Lawton added.

The Las Vegas Convention and Visitors Authority will release Southern Nevada’s visitor numbers within the week.

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