Las Vegas and Nevada set gaming records amid record temperatures in July

August 30, 2023 4:15 PM

Las Vegas and Nevada set gaming records amid record temperatures in July

Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
August 30, 2023 4:15 PM
  • Buck Wargo, CDC Gaming Reports
  • Nevada
  • Commercial Casinos

The record heat kept people indoors and didn’t slow their willingness to gamble in July, as Nevada and the Las Vegas Strip set all-time records for gaming revenue, aided by the third highest slot revenue in history and the highest baccarat hold since 2003.

The $1.4 billion in revenue was $88 million or 6.7% higher than July 2022 and was led by the Las Vegas Strip, which reported $1.2 billion, an 8% gain over the $1.12 billion in July 2022.

The $1.4 billion statewide beat the $1.35 billion record set in July 2021 by $44.9 million, a 3.3% increase.

The Strip also recorded a new all-time record for gaming win. The $834.9 million for the month beat the previous record of $792.6 million established in July 2021, according to Michael Lawton, a senior economic analyst with the Nevada Gaming Control Board. The Strip’s gaming win was 5.3% higher or $42.3 million over July 2021.

“This month’s record amounts were driven by slot win. Although it wasn’t an all-time record, it was the third highest total all-time for the state and the second highest total for the Strip,” Lawton said. “The baccarat totals led to the second highest game- and table-win totals all-time for the state and the Strip. The events calendar, coupled with the timing of the Fourth of July holiday, contributed to these results as well.”

According to Deutsche Bank, baccarat revenue jumped 40.4% in July.

Even casinos that serve locals saw a big increase in July. Deutsche Bank reported a 6.1% increase in that segment compared to July 2022.

The entire Las Vegas area benefited. Downtown Las Vegas increased 8.9% to $65.3 million, while the Boulder Strip was up 9.1% to $79.4 million.

The one negative was in North Las Vegas, reporting a 2% decline.

For the year, gaming revenue statewide is higher by 4.1% over 2022. It’s up 6.5% for the Strip.

This marked the 29th consecutive month that Nevada gaming revenue exceeded $1 billion. The statewide win total was also 37% higher than July 2019 prior to the pandemic.

Lawton said July’s revenue gains benefited from a robust special events calendar on the Strip, including Usher’s residency at the Park MGM, Garth Brook’s at Caesars Palace, UFC 290 at T-Mobile Arena, the CONCACAF Gold Cup semifinal at Allegiant Stadium, the Showtime Championship Boxing welterweight title fight at T-Mobile, and a second international soccer match at Allegiant Stadium.

Slot win of $890.8 million increased 6.1% or $51.2 million and coin-in of $12.5 billion was up $370.7 million or 3.1%. Slot win percentage was 7.14% versus 6.93% in July 2022, Lawton said.

Table, counter, and card games won $513.1 million, an increase of 7.7% or $36.7 million. This represents the second highest total all-time, just below the record of $531.4 million established in February 2013. Games drop of $2.9 billion decreased 1.6% or $47.5 million from July 2022. Game hold was 17.6% versus 16.1% last year. Not including April 2020, July’s hold percentage is the highest since October 1987.

Baccarat win of $193.3 million (sixth highest all-time) increased 40% or $55.3 million and baccarat drop of $822.1 million decreased 1.4% or $11.6 million. Baccarat’s hold percentage was 23.52% versus 16.56% last year. July’s baccarat hold is the highest hold percentage recorded since June 2003. (Prior to January 2004, baccarat volume didn’t include credit paid with chips.)

Last month’s baccarat win increased 21.3% or $34 million compared to July 2021, while volume increased 1.6% or $12.6 million.

Statewide total win excluding baccarat increased 2.8% or $32.7 million compared to last year; compared to July 2021, total win excluding baccarat increased 0.9% or $10.9 million.

Nevada sportsbooks won $25.3 million, up 55.7% or $9 million compared to July 2022 on a hold percentage of 6.19% versus 3.87% last year. Sportsbook wagers totaled $408.2 million, down 2.7% or $11.3 million compared to last July, when $419.4 million was wagered statewide. Mobile wagers totaled $268.1 million, down 2% or $5.5 million, and accounted for 65.7% of total wagers.

The Strip’s slot win totaled $420.4 million and increased 7.6% or $29.7 million. Coin-in totaled $5.3 billion and increased 7.6% or $370.2 billion and slot hold was 8%, the same as last year.

The Strip’s games win totaled $414.5 million and increased 8.3% or $31.8 million and drop totaled $2.3 billion and decreased 1.2% or $26.8 million and the hold percentage was 18.4% versus 16.8% last year.

The Strip’s baccarat win was up $54.8 million or 40.4%, while volume down 0.9% or $7 million. The hold was 24% versus 16.9% a year ago.

Total Strip gaming win excluding baccarat increased 1% or $6.7 million compared to last year; compared to July 2021, total win excluding baccarat increased 1.5% or $9.2 million.

Outside of Las Vegas, Laughlin rose 9.5% to $46.9 million. Mesquite, however, reported a 6.6% decline to $13.2 million.

Reno had a 4.3% increase to $72.2 million. Sparks continued its impressive gains with a 20.4% increase to $17.1 million. South Lake Tahoe reported a 3% decline to $30.8 million. North Lake Tahoe rose 14.6% to $3.2 million.

While Washoe County revenue is down 0.4% for the first seven months of 2023, the $100.1 million is the highest recorded since July 2005, 6.1% higher than July 2022. Slot win totaled $85.7 million, the all-time record for Washoe County, Lawton said. The previous record was $85.5 million in July 2021.

Slot win increased 3.2% ($2.7 million). Slot coin-in totaled $1.5 billion, the highest total since July 2006, and was up 2.4% ($34.6 million) versus July 2022. The hold was flat.

Game and table win increased 26.7% or $3.1 million, volume increased 10.7% or $8.9 million, and hold was 16.1% versus 14.1%.

Twenty-one increased 46.8% or $1.3 million, with volume up 18.1% or $5.1 million and hold 11.9% versus 9.6%.