Las Vegas Strip breaks monthly revenue record

January 31, 2023 4:11 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
January 31, 2023 4:11 PM
  • Buck Wargo, CDC Gaming Reports

Led by a record surge on the Las Vegas Strip, Nevada closed 2022 with its 22nd consecutive months of $1 billion and higher in gaming revenue and added to its record gaming revenue for the year, which was set in November.
For calendar-year 2022, Nevada reported $14.8 billion in gaming revenue, topping the $13.4 billion in 2021, a 10.5% increase.

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The Nevada Gaming Control Board reported Tuesday that casinos collected $1.31 billion in revenue in December, a 14.3% jump over December 2021 when the state started to feel the effects of the omicron variant that slowed tourism.

The Strip took in a record $814.1 million, a 25.1% increase over December 2021’s $650.6 million. The previous record was $792.6 million, set in July 2021.

For the calendar year, the Strip took in $8.2 billion, a 17.1% increase over the $7 billion in 2021.

Clark County, which includes the Strip and surrounding areas, reported $1.15 billion in December revenue, a 15.8% increase over the $998.2 million in December 2021. For the year, Clark County reported $12.7 billion in revenue, a 11.8% increase over $11.4 billion in 2021.

For the state’s fiscal year that started on July 1, gaming revenue is $7.58 billion, up 2.87% from $7.37 billion year over year, the Gaming Control Board reported.

One December weak spot was downtown Las Vegas, which counts on locals as well as tourists. Downtown’s revenue declined 6.91% from $73.8 million in December 2021 to $68.7 million last month. For the year, however, downtown took in $880 million, a 4.5% increase over $842 million in 2021.

In December, North Las Vegas rose 4.7%, while the Boulder Strip fell 8%. In another sign of weakness of the locals’ market, the balance of Clark County reported revenue gains of only 0.44% in December.

Outside of Las Vegas, Laughlin reported a 7.9% increase, while Mesquite recorded a gain of 11.4%.

In northern Nevada, Reno reported $59.1 million in revenue, an 8.27% increase over $55.6 million in December 2021. Sparks continued to benefit from the Legends Bay Casino that opened late last summer, reporting $15.1 million in revenue, a 24% increase over $12.1 million in December 2021.

North Lake Tahoe’s revenue declined .86%, while South Lake Tahoe reported a decline of 15.7% to $15.6 million.

The Gaming Board reported statewide slot win increased 8.4% in 2022; table, counter, and card games increased 15.3%. Slot win generated 67.4% of the total gaming win in 2022.

Over the 10-year period from 2013 to 2022, total win growth has averaged 5.7%, with slot win averaging 6.3% growth and games win growth averaging 4.7%.

Slot win of $10 billion in 2022 increased 8.4% following last year’s 70.5% increase. This total represents an all-time record for slot win, beating the previous record of $9.2 billion set last year. Coin-in of $139.8 billion increased 8.0% after increasing 64.7% last year. This year’s handle is also an all-time record, beating the previous high of $138.1 billion set in 2006. Compared to 2019, slot volume increased 21.6%, according to the Gaming Control Board.

Michael Lawton, a senior economic analyst for the state, said Nevada’s gaming win continues to exceed pre-pandemic levels. The statewide gaming win in December was 24.3% or $256.8 million higher than December 2019.

In December, Lawton said the Strip benefited from a busy entertainment calendar.

Special events or other items of note included Allegiant Stadium hosting the PAC-12 Championship football game between USC and the University of Utah on December 2. The Las Vegas Raiders played two home games at Allegiant Stadium in December when they faced the San Diego Chargers on December 4 and the New England Patriots on December 18. Adam Sandler performed at the Cosmopolitan on December 9 and 10. UFC’s light heavyweight title fight was held at T-Mobile Arena on December 10.

In December, Nevada slot win of $803.5 million increased 2.2% or $17.1 million, and coin-in of $12.6 billion was up $1.0 billion or 8.8%. This is the highest coin-in total recorded in state history, Lawton said.

The Strip’s slot win totaled $405.1 million and increased 7.3% or $27.4 million, with a 16.1% or $790.4 million increase in coin-in. The coin-in total of $5.7 billion is the highest ever recorded by the Las Vegas Strip.

Nevada table, counter, and card games won $511 million in December, an increase of 40.5% or $147.4 million, and games drop of $3.4 billion increased 5.8% from December 2021.

The Strip’s games win totaled $409.1 million and increased 49.9% or $136.2 million, and drop totaled $2.5 billion and increased 4.5% or $107.0 million.

Statewide, baccarat win of $148 million increased 68.7% and baccarat drop of $856.7 million increased 20.3%. Baccarat’s hold percentage was 17.28% versus 12.33% last year, Lawton said.

Nevada sportsbooks won $55.2 million, up 245.9% compared to December 2021, on a hold percentage of 6.27% versus 1.58% last year. Sportsbook wagers totaled $880.5 million, down 13.1% compared to December 2021 when $1 billion was wagered statewide. Mobile wagers totaled $604.1 million, down 21.6% or $166.3 million and accounted for 68.6% of total wagers.

Sportsbooks in Nevada won $446.7 million on $8.7 billion in wagers during 2022. Both of these amounts represent all-time records. The previous record for win and volume were set last year, $445.1 million and $8.1 billion respectively, Lawton said.

Sports wagers made via mobile apps won $203.2 million on $5.9 billion in write. These wagers accounted for 68.3% of total sports wagers statewide, up from 64.6% last year.

The Strip accounted for the majority of the overall statewide gaming-revenue increase in December. The state’s combined markets outside of the Strip increased by only 0.2% or $914,000 compared to December 2021,

Ten of the state’s 18 submarkets covered in this report set all-time gaming win amounts in 2022. Washoe, Reno, North Shore Lake Tahoe, Sparks, South Shore Lake Tahoe, Boulder Highway, Laughlin, and North Las Vegas did not, Lawton said.

Every market statewide recorded increases over 2021 with the exception of Boulder Highway, which decreased 0.1%. The only markets that didn’t increase over pre-pandemic 2019 were North Las Vegas and Laughlin, down 4.8% and 2.2% respectively.

Game and table win of $4.83 billion increased 15.3%, after increasing 70.7% last year. This year’s total is an all-time record, beating the previous high of $4.398 billion set in 2007. Compared to 2019, games win increased 18.%.
Games drop of $34.9 billion increased 12.7% after increasing 62.5% last year. This year’s total is an all-time record, beating the previous high of $33 billion set in 2007. Compared to 2019, games drop increased 18.1%, Lawton said.

Slot win percentage of 7.16% increased .02% during 2022. The slot win percentage has decreased only three times in the prior 25 years.

Baccarat win of $1.177 billion in 2022 was up 25.4% after increasing 55.3% last year

Twenty-one win of $1.293 billion increased 14.4% versus 75.7% in 2021.

Crap win of $447.2 million increased 9.7% versus 54.3% in 2021.

Roulette win of $456.0 million increased 6.5% versus 103% last year. It’s an all-time record, beating the previous record set last year.