Nevada surpassed $1 billion in gaming revenue for the 21st consecutive month in November, but it couldn’t keep up with a record-breaking 2021 and recorded a rare decline in year-over-year numbers. The drop was primarily attributed to reduced game and table revenue on the Las Vegas Strip, despite an all-time record for slot win.
Nevada’s gaming licensees reported $1.22 billion in gaming win in November, a 7.62% decrease of $100.7 million compared to November 2021 when it was $1.32 billion.
Despite the decline from November 2021, Nevada’s gaming revenue in 2022 is still up 10.2% over 11 months of 2022. Every major market in the state is up over 2022, according to Michael Lawton, a senior economic analyst for the state.
The Las Vegas Strip’s revenue, meanwhile, is up 16.3% for 2022 compared to 2021.
In November, only three major markets (Sparks, South Lake Tahoe, and Wendover) increased year over year, Lawton said. During the last 21 months going back to March 2021, statewide gaming win has decreased only twice; the other was July 2022.
The Las Vegas Strip’s win of $669.5 million in November decreased 11.3% or $85.6 million and the combined markets outside of the Strip decreased $15.2 million or 2.7%, Lawton said. The decrease occurred despite Las Vegas visitation rising to 3.26 million in November from 3.11 million in November 2021 (4.9%). Visitation was down 7% from November 2019, according to the Las Vegas Convention and Visitors Authority.
Game and table win on the Strip was the primary reason for this month’s decrease with a win total of $253.3 million, a decline of 27% ($93.5 million), on volumes that decreased 23% ($586.5 million), Lawton said.
November 2021 represented “a very difficult comparison for the state and the Strip” with $1.3 billion and $755.1 million in total win respectively, Lawton said. November 2021 win totals were the third highest amounts on record for the state and the Strip.
The Strip’s slot win totaled $416.2 million and increased 2% or $8.0 million, representing an all-time record for slots on the Strip. There were two consecutive months of all-time slot win totals for the Strip, with October at $410.4 million, Lawton said.
Slot coin-in totaled $4.9 billion and increased 4.8% or $226.4 million, the second highest slot-volume total all-time, just shy of the number-one month, October, at $5.0 billion.
Nevada continued to record win amounts in excess of pre-pandemic levels in November. Statewide, total win was 30.2% or $283.2 million over November 2019 and the Strip increased 45.8% or $237.1 million.
As for other Las Vegas gaming locales in November, downtown Las Vegas’s gaming win was flat at $82.7 million compared to $82.8 million in November 2021. North Las Vegas registered a 1.85% decline to $22.9 million. The Boulder Strip fell 8.9% to $85.2 million.
The Strip again benefited from a busy entertainment calendar, Lawton said.
Some of the special events: Elton John performed at Allegiant Stadium on Nov. 1. The British rock band the Who played at the Park MGM on Nov. 4-5. T-Mobile Arena hosted a Post Malone concert on Nov. 11. The Las Vegas Raiders played the Indianapolis Colts at home on Nov. 13. Adele opened her Strip residency at Caesars Palace on Nov. 18. Kevin Hart had two shows at Resorts World Las Vegas, Nov. 18-19.
Sportsbook win decreased 63.7% or $18.4 million on volumes which were down 28.7% or $175.9 million.
Baccarat win decreased 37.5% or $34.6 million on volumes that were down 31.4% or $226.0 million. Twenty-one win decreased 26.4% or $26.2 million on volumes down 19.7% or $125.6 million.
Statewide, table, counter, and card games won $349.8 million, a decline of 24.2% or $111.9 million, and games drop of $2.8 billion decreased 17.7% or $601.8 from November 2021, Lawton said.
Slot win of $871.1 million increased 1.3% or $11.2 million and coin-in of $11.6 billion was up $213.9 million or 1.9%.
Baccarat win of $58.7 million decreased 37.7% or $35.5 million and baccarat drop of $507.8 million decreased 31.3% or $231.1 million. Baccarat’s hold percentage was 11.56% versus 12.76% last year.
Twenty-one win decreased 23.1% or $28.7 million on volumes down 18% or $142.0 million.
Nevada sportsbooks won $37.7 million, down 47.7% or $34.3 million on a hold percentage of 4.1% versus 6.6%.
Sportsbook wagers totaled $928.2 million, down 14.5% or $158.0 million versus November 2021, when $1.1 billion was wagered statewide, the second highest total all-time, Lawton said.
Mobile wagers totaled $642.5 million, down 17.3% or $134.1 million, and accounted for 69.2% of total wagers.
Clark County as a whole fell 8.4% to $1.06 billion compared to $1.15 billion in November 2021. Laughlin fell 4.68% to $41.3 million, while Mesquite was down .55% to $15 million.
In Washoe County, Reno fell 6.6% to $56 million. Sparks with the opening of a new casino over the summer increased 8% to $14 million. North Lake Tahoe fell 7% to $1.7 million. South Lake Tahoe had a robust November, increasing 8.2% to $19.6 million.
The boost in visitation in November was aided by 582,800 conventioneers, a 45.4% increase over 2021’s 400,910 and down only 3.4% from 2019 when there were 603,200. The 35.5 million visitors for the year are 21.5% higher than 2021, but 9.1% lower than 2019’s 39 million through November.
Overall, hotel occupancy was 81.2% in November, up from 77.6% in November 2021, but down from 87.7% in October. It was 88.2% in November 2019.
The added convention business showed up in midweek hotel occupancy at 77.5% in November, up from 71.9% in November 2021 and edging closer to the 94.1% in November 2019.
Weekend occupancy at 89.6% in November dipped from 90.7% in November 2021. It was 94.1% in November 2021.
Strip occupancy was 83.6%, up from 79.7% in November 2021, but down from 90.1% in 2019.
Downtown occupancy was 70.8%, up from 67.2% in November 2021 and down from 81.4% in November 2019, when downtown had a lower supply before the opening of Circa Las Vegas in 2020.
Room rates continue to edge higher in year-over-year and pre-pandemic comparisons. Room rates on the Strip averaged $200.16, up from $165.44 in November 2021 and from $145.49 in November 2019. Downtown room rates were $98.25 in November, up from $96.02 in November 2021 and $75.07 in November 2019.