Bolstered by Las Vegas Strip, Nevada sets records galore in 2023

January 31, 2024 3:47 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
January 31, 2024 3:47 PM
  • Buck Wargo, CDC Gaming Reports

Bolstered by a record $1.43 billion in statewide gaming revenue in December and an all-time monthly record on the Strip, Nevada casinos broke their 2022 record by winning $15.5 billion in 2023.

Story continues below

The 2023 increase amounts to 4.6% over 2022’s $14.8 billion, which was 10.5% higher than 2021, according to the Nevada Gaming Control Board numbers released Wednesday.

December’s $1.43 billion was 9% higher than December 2022’s revenue of $1.31 billion and breaks the monthly record set in July of $1.4 billion.

Enhanced again by baccarat win, December was led by an all-time-record $905.4 million on the Strip, an 11.2% gain over the $814.2 million in December 2022. December 2022 was itself up 25.2% compared to December 2021.

Downtown Las Vegas also got a big bump in December with $75.8 million in revenue, a 10.3% increase over the $68.7 million in December 2022. The Boulder Strip’s win increased 6.1%. Locals casinos reported $241 million in revenue, an increase of 7% year over year.

Statewide, the win excluding the Strip increased by 5.5% or $27.7 million in December.

For 2023, the Strip generated a record $8.9 billion in revenue, a $91.2 million (7.4% increase) over the then-record $8.28 million in 2022. Downtown generated a record $909.5 million, a 3.3% increase over the $880.2 million in 2022. The Boulder Strip fell 0.1% to $965.5 million.

For 2023, Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, said slot win increased 2.8% after increasing 8.4% in 2022. Table, counter, and card-games win increased 8.3% in 2023, following a 15.2% increase last year.

Over the 10-year period between 2014 to 2023, total win growth has averaged 5.9%, with slot win averaging 6.6% growth and games’ win growth averaging 4.7%, Lawton said.

Statewide total win in 2023 was $374.9 million (35.4%) over December 2019. December also represented the 34th consecutive month that the state has recorded $1 billion in monthly gaming win.

“Nevada’s record level of gaming win over this time period can be attributed to several factors, including multiple special events that 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, including inflation and rising interest rates,” Lawton said. “Additionally, Nevada has continued to benefit from the surging demand for leisure travel domestically and internationally and a healthy local economy experiencing record employment levels. However, the driving force behind this year’s record gaming-win totals was the Las Vegas Strip, which accounted for 90.3% of this year’s $679.3 million growth over 2022. When excluding the Strip from this year’s totals, statewide total win increased just 1% or $66.2 million.”

The Strip continued to benefit from a robust event calendar in December.

Garth Brooks resumed his residency at the Colosseum at Caesars Palace. U2 continued their run at the MSG Sphere. Bruno Mars returned to Dolby Live at Park MGM. The NBA In-Season Tournament semi-final and championship games were played at T-Mobile Arena. The Las Vegas Raiders played two home games at Allegiant Stadium. UFC 296 was held at T-Mobile Arena, with the main event featuring a welterweight title fight. Red Rock Resort’s Durango Casino & Resort opened its doors and Fontainebleau Las Vegas’s long-awaited grand opening was held.

In December, the Strip’s games win totaled $459.3 million (second highest all-time) and increased 12.3% or $50.2 million. Games drop totaled $2.6 billion and increased 4.8% or $120.5 million. Games hold percentage was 17.58% versus 16.42% in 2022, Lawton said.

Strip baccarat win totaled $218.7 million and was up $72.9 million or 50.1%. Volume totaled $839.5 million, up 18.3% or $153.7 million, and hold was 22% versus 17.4% in 2022. Total gaming win excluding baccarat increased 2.7% or $18.2 million compared to 2022.

The Strip’s slot win totaled $446.1 million, a new all-time record, and increased 10.1% or $41.0 million. Coin-in totaled $6.2 billion (a new all-time record) and increased 8.9% or $504.3 million.

Statewide total win of $15.5 billion in 2023 increased 4.6% or $679.3 million in 2023 after increasing 10.5% in 2022. Compared to 2019, total gaming win increased 29%. In addition to the state, the Strip, and downtown Las Vegas, Clark County, Mesquite, the balance of Clark County, Sparks, Elko County, Wendover and the balance of Elko County set all-time gaming win amounts in 2023.

The majority of markets statewide recorded an increase over 2022, with the exception of Boulder Highway, Washoe County, Reno, North Shore Lake Tahoe, South Shore Lake Tahoe, and the Carson Valley.

The largest percentage increase was recorded by the Las Vegas Strip at 7.4%. The largest percentage decrease was recorded by the North Shore Lake Tahoe, down 8.4% compared to 2022. The only markets that didn’t increase over pre-pandemic 2019 were North Las Vegas and Laughlin, down 4.2% and 0.2% respectively.

Statewide game and table win of $5.2 billion increased 8.3% or $403.5 million, after increasing 15.2% last year. This year’s total is an all-time record, beating the previous high set last year. Compared to 2019, games win increased 27.8%. Games drop of $35.4 billion increased 1.2%, after increasing 13% in 2022. This year’s total is an all-time record, beating the previous high set in 2022.

Compared to 2019, games drop increased 19.8%. Game and table win percentage of 14.77% increased 0.97% from 13.8% in 2022. This represents the highest win percentage for games and tables over the last 20 years, Lawton said.

Baccarat win of $1.5 billion (the third highest total all-time) was up 28.2% or $327.2 million after increasing 23.8% in 2022. Volumes totaled $9 billion and increased 25.6% or $1.0 billion on a hold percentage of 16.4% versus 14.5% in 2022. This is the highest hold percentage for baccarat in the last 20 years.

Total gaming win excluding baccarat increased 2.6% or $352.2 million and baccarat’s $327.2 million increase accounted for 48.2% of the state’s total increase of $679.3 million this year.

Twenty-one win of $1.3 billion increased 0.8% versus 16.4% in 2022. Craps win of $467.5 million increased 4.6% versus 9.6% in 2022. Roulette win of $460.3 million increased 1.8% versus 5.7% in 2022, setting an all-time record by beating the previous record set in 2022.

Slot win of $10.3 billion increased 2.8% or $275.9 million, following last year’s 8.4% increase. Compared to 2019, slot win increased 29.6%. This total represents an all-time record for slot win, beating the previous record of $10 million set last year. Slot coin-in of $143.7 billion increased 2.8% after increasing 8% in 2022. The 2023 total is an all-time record, beating the previous high of $139.8 billion set in 2022. Compared to 2019, slot volume increased 24.9%.

Slot win generated 66.3% of total win versus 67.4% in 2022. Slot win percentage of 7.16% was unchanged during 2023. The slot win percentage has decreased only three times in the prior 25 years, Lawton said.

Sportsbooks won $481.3 million on $8.3 billion in wagers in 2023. Win increased by 7.7% or $34.5 million and represents a new all-time record, beating the previous high set in 2022. Write decreased by 5.1% or $445.7 million from last year’s all-time record of $8.7 billion. Sportsbooks held 5.8% versus 5.1% last year.

Sports wagers made via mobile apps won $240.7 million, an increase of $37.4 million or 18.4% on $5.4 billion in write. The write decreased 8.5% or $508.5 million. These wagers accounted for 65.8% of total sports wagers statewide, down from 68.3% last year.

For 2023, the Strip’s $8.9 billion in gaming revenue is an increase of 7.4% or $613.1 million after increasing 17.1% in 2022. Compared to 2019, gaming win increased 35.1%. The Strip continued to do the heavy lifting for the state, accounting for 57.3% of total statewide win (third highest percentage of total all-time), up from last year when the percentage was 55.8%. The highest percentage ever recorded was 58.4% in 2013, followed by 57.8% in 2014, Lawton said.

The Strip’s increase of $613.1 million over last year accounted for 90.3% of the state’s $679.3 million in growth over 2022. Excluding the Las Vegas Strip, statewide gaming win increased 1% or $66.2 million.

Game and table win of $4.1 billion on the Strip increased 10.6% or $390.5 million in 2023, after increasing 19.7% in 2022. The 2023 total is an all-time record beating the previous high of $3.7 billion set last year. Compared to 2019, games win increased 30%.

Games drop of $26.4 billion on the Strip increased 1.9%, after increasing 17% in 2022. The 2023 total is the second highest total recorded all-time, just shy of the all-time record set in 2014 of $27 billion.

Game and table-win percentage was 15.47% versus 14.26% in 2022. The 2023 hold percentage is the highest hold percentage recorded by the Strip going back to 1988, Lawton said.

The Strip’s baccarat win totaled $1.5 billion (third highest total all-time) and increased $337 million or 29.9% on volumes that totaled $8.8 billion and increased $1 billion or 13.5%. Baccarat held 16.6% versus 14.51% last year. This is the highest hold percentage for baccarat in the last 20 years. Total gaming win excluding baccarat increased by $276.1 million or 3.9%. Baccarat accounted for 55% of the $613.1 million increase in 2023 on the Strip.

Slot win of $4.8 billion increased 4.8% or $222.6 million versus an increase of 15.1% in 2022. Compared to 2019, slot win increased 39.8%. This represents an all-time record for slot win on the Strip, beating the previous record set in 2022 of $4.6 billion.

Slot coin-in of $60.1 billion increased 6.6% after increasing 16.7% last year. The 2023 total is an all-time record beating the previous high of $56.4 billion set in 2022.

Slot win percentage of 8% decreased in 2023 from 8.1% in 2022.

Statewide in December, games win of $574.6 million was the highest total of all time and increased 12.5% or $63.6 million. Games drop of $3.5 billion, increased 4.4% ($147.1 million) from December 2022. Games hold percentage was 16.4% versus 15.2% last year, Lawton said.

Baccarat win of $221.6 million, the third highest all-time, increased 49.7% or $76.3 million and baccarat drop of $1 billion increased 18.4% or $157.3 million. Baccarat’s hold percentage was 21.9% versus 17.3% last year. Total gaming win excluding baccarat increased 3.9% or $45.2 million.

Slot win of $858 million increased 6.9% or $55.2 million and. Coin-in of $13.5 billion, an all-time record, was up $918.5 million or 7.3%.

Nevada sportsbooks won $59.1 million, up 7% or $3.9 million compared to December 2022 on a hold percentage of 7% versus 6.3% last year. Sportsbook wagers totaled $843.5 million, down 4.2% or $37 million compared to last December when $880.5 million was wagered statewide. Mobile wagers totaled $561.8 million, down 7% or $42.3 million, and accounted for 66.6% of total wagers.

Laughlin had a 2.4% decline in December compared to 2022, while Mesquite increased 3.2%. Reno fell 7.2%, white Sparks increased 5.7%. South Lake Tahoe rose 3%. For 2023, Laughlin increased 2.1% and Mesquite rose just 0.5%. Sparks increased 6.1% and Reno fell 0.8%. South Lake Tahoe declined 7.5%.