Nevada’s May gaming revenues, buoyed by a strong showing from Las Vegas locals casinos, recorded a 27th consecutive month in excess of $1 billion, but an $11 million dip from May 2022.
The Nevada Gaming Control Board released the figures Wednesday morning as the state gears up for the Fourth of July, expected to attract 334,000 visitors to Las Vegas, a 5.47% year-over-year increase that will account for $386 million in visitor spending, according to the Las Vegas Convention and Visitors Authority. Hotel occupancy is expected to reach 93%, up from 91% a year ago.
The Gaming Control Board’s numbers show the state’s casinos took in $1.28 billion in May, down 0.84% from $1.3 billion in May 2022, which was the seventh highest monthly revenue in the state’s history and a difficult comparison. Last month was 5.7% higher than May 2021.
“It’s a very strong number (in May 2023), yet we declined, which is something we might need to be prepared for over the next year as the comparisons are going to be very difficult,” said Michael Lawton, a senior economic analyst with the Gaming Control Board.
That slight decline was felt on the Strip, where gaming revenues fell 2.1% to $715.9 million, down from $731.5 million in May 2022. Downtown Las Vegas saw a steeper decline at 6.6% to $73.6 million, down from $78.8 million. North Las Vegas declined 4.72%.
Despite those declines, casinos that serve Las Vegas locals reported a year-over-year increase of 3.7%, according to Deutsche Bank. J.P. Morgan put the increase at 4%. The Boulder Strip increased 1.5%. For the year, revenues at locals’ casinos are up 0.9%.
Even with the overall dip in May, the Strip’s gaming revenues for 2023 are running 1.2% ahead of the first five months of 2022, Deutsche Bank reported.
Statewide, gaming revenues are 4.9% higher than the first five months of 2022, Lawton said.
“The state has recorded decreases in two of the last three months,” Lawton said. “Over the next year, every monthly comparison will be up against the highest or second highest monthly total for that particular month. The comparisons will be the most difficult the state has ever faced.”
Nevada continued to record wins in excess of pre-pandemic. Statewide total win was 31.3% or $307.3 million higher than May 2019, Lawton said.
May’s decrease occurred despite Harry Reid International Airport reporting a record month with 4.95 million passengers, an 8.2% increase over May 2022 and the second highest passenger count on record behind 5.18 million in October 2022. For the year, passenger traffic is up nearly 19% and international passenger counts continue to rebound, up 20% at nearly 290,000 passengers, the most since the onset of the pandemic.
The Las Vegas Convention and Visitor Authority reported visitation was boosted by strong demand from multiple weekend music festivals, including the Lovers & Friends festival, Sick New World festival, and Electric Daisy Carnival. Las Vegas hosted 2,000 short of 3.5 million visitors in May, a 1.5% increase over May 2022 or about 51,000 people more.
Several additional events brought tourists to Las Vegas in May. The Dixie Chicks performed six shows. Katy Perry’s residency May 12-28. Garth Brook’s residency on the 18th. The Electric Daisy Carnival returned to the Las Vegas Motor Speedway May 19-21. Devin Haney met Vasiliy Lomachenko in a lightweight title fight on May 20. Bruno Mars returned May 24.
Convention business continued to rebound, with 453,000 such visitors in May, a 16.1% increase over the 391,100 in May 2022.
Hotel occupancy was 84.4% during May, 1.8% higher than a year ago. Weekend occupancy was 93.2%, 1.3% higher and midweek occupancy approached 81%, surpassing May 2022 by 2%. Strip occupancy was 87%, 1.5% higher. The average daily room rate in May exceeded $183, 4.3% higher than May 2022. It approached $195 on the Strip.
Elsewhere in the state, Laughlin’s gaming revenues increased 1.49% in May, while Mesquite recorded a 2.39% decrease.
Washoe County had a 3.77% increase, led by an 8.9% gain in Sparks. Reno rose 5.8%. North Lake Tahoe declined 20%. South Lake Tahoe reported an 11.2% increase.
Elko County reported a 10.8% decrease.
Breaking down the statewide gaming numbers, slot win of $877.9 million increased 0.9% or $7.8 million and coin-in of $11.8 billion was down $89.7 million or 0.8%. The slot win percentage was 7.43% versus 7.31% in May 2022.
Table-game win of $411.2 million decreased 4.4% or $18.8 million and game drop of $2.7 billion decreased 7.9% or $235.4 million from May 2022. Game hold was 15.01% versus 14.46% last year.
Twenty-one win was down $2.9 million or 2.7%, volume down 20.9% or $184.3 million, hold 15.02% versus 13.98%.
Crap win was down 19.4% or $8.7 million, volume down 6.1% or $14.3 million, and hold 16.67% versus 19.41%.
Baccarat win of $133.8 million decreased 0.5% or $627,000 and drop of $794.3 million increased 0.5% or $3.6 million. Baccarat’s hold percentage was 16.84% versus 17% last year.
Nevada sportsbooks won $30.1 million, up 11.4% or $3.1 million compared to May 2022 on a hold percentage of 5.7% versus 4.81% last year. Sportsbook wagers totaled $527 million, down 6.2% or $34.6 million compared to last May when $561.6 million was wagered statewide.
Mobile wagers totaled $358 million, down 10% or $39.6 million and accounted for 67.9% of total wagers.
