Led by a 23% increase on the Strip, a record for April, Nevada gaming revenues topped $1 billion for the 14th consecutive month as international visitation recorded its best showing since the pandemic began, while hotel occupancy reached a pandemic-high 84%, despite the highest monthly room rates on record.
The state also set an April record with $1.12 billion in revenue, an 8.57% gain over the $1.03 billion in April 2021 and 20.5% higher than April 2019. For the year, Nevada’s gaming revenue is 28.4% higher than the first four months of 2021.
The Nevada Gaming Control Board reported the Strip generated $593.4 million in revenue, up from $483.3 million in March. The 23% year-over-year increase was the same when compared to April 2019, according to Deutsche Bank.
Clark County earned $960.4 million in revenue, an 11% increase over the $865.3 million in April 2021 and also a record for the month, the Gaming Control Board said.
The Las Vegas Convention and Visitors Authority reported Thursday there were 3.38 million visitors in April, just ahead of the 3.3 million in March, but shy of the 3.39 million in October, highest since the pandemic. Visitor volume rose 31.4% from April 2021 when there were 2.57 million visitors. It’s only 4.5% below the 3.54 million in April 2019.
Hotel occupancy reached 84% for the month, the highest since the pandemic began, 93.2% on the weekend. Strip occupancy was 86.7%, down only 6% from the 92.6% in April 2019.
“Gaming activity on the Las Vegas Strip continued to be aided by a very robust event calendar, in addition to the continued return of international visitors,” said Michael Lawton, a senior economic analyst with the state. “The Strip’s results benefited from strong demand for gaming activity and consumers continued to display resiliency as their behavior remained consistent across multiple customer segments.”
Lawton credited the numerous April events for the month’s strong showing.
Korean pop band BTS performed at Allegiant Stadium on four nights over two weekends in April. The National Association of Broadcasters returned to the Las Vegas Convention Center for four days late in the month. The National Football League held its annual draft in Las Vegas over a three-day period. The Palms Casino Resort re-opened after closing its doors for over two years.
That full schedule and strong visitation helped casinos with their hotel revenue.
Breaking the previous monthly record set in October, the average daily room rate exceeded $177, 62% ahead of last April and nearly 36% above pre-COVID levels of April 2019. Revenue per available room approached $149 for the month, dramatically ahead of April 2021 (+107.4%), and 25.4% over April 2019, according to the LVCVA.
In addition, 4.25 million passengers went through Harry Reid International Airport in April, a 46% increase over the 2.9 million in April 2021. April’s numbers match the 4.27 million in March, which was the highest month since the start of the pandemic.
International visitors passing through the airport in April topped 200,000, up from 31,000 in April 2021, as that segment continues to rebound.
In April, Harry Reid International Airport offered nonstop service from 16 different carriers to 17 international destinations, including those in Mexico, Canada, Panama, the United Kingdom, the Netherlands, Germany, and Switzerland, Lawton said.
“The resumption of flights represents a near total restoration of the international nonstop service Las Vegas lost in 2020,” Lawton said. “International-passenger totals in April were the highest total recorded since February 2020 and increased 29.9% compared to March 2022.”
The one warning spot on visitation was the average daily traffic between Las Vegas and southern California, which has trended downward, with higher gas prices, compared to previous years. Daily, 48,589 daily vehicles crossed from California into Nevada on I-15 in April, some 4.1% below the 50,656 a day in April 2021.
There were 377,400 convention visitors in April, 29% below the 529,500 in April 2019. March had 494,200 convention visitors. That helped midweek hotel occupancy reach 79.4%.
April’s strong showing on the Strip may have negatively impacted downtown Las Vegas and locals properties. Downtown gaming revenue of $67.3 million in April declined 11.3% from $76 million in April 2021. It was up, however, 9% compared to 2019, according to Deutsche Bank. Downtown occupancy was 70%, slightly below the 73.6% in October.
Las Vegas casinos that cater to local residents saw revenue decline 3.2% when compared to April 2021, Deutsche Bank said. When compared to April 2019, local gaming revenue rose 14.4%.
Elsewhere in southern Nevada, Laughlin gaming revenues rose 0.55% to $45.7 million. Mesquite rose 7.2% to $16.6 million. North Las Vegas fell 5.9% to $24.8 million.
Washoe County revenue fell 2.44% to $85.2 million. Reno rose 0.57% to $62.2 million.
South Lake Tahoe took a hit in April, falling 15% from 2021 to $18.4 million.
Nevada sportsbooks won $25.4 million, down 6.9% from April 2021, due to a hold percentage of 4.35% versus 5.95% last year. Sportsbook wagers totaled $582.6 million, up 27.2% compared to April 2021, Lawton said.
Sports wagers made with mobile apps won $10.5 million (down 41.2%) on $424.9 million in wagers (up 43.0%), holding 2.48%. This amount accounted for 72.9% of total wagers, Lawton said.
Slot win of $804.1 million increased 1.4% ($10.7 million) and coin-in of $11.8 billion was up $696.3 million or 6.3%.
Table, counter, and card games won $324.4 million, an increase of 31.9% ($78.4 million), and games drop of $2.6 billion increased 28.5% from April 2021.
Baccarat win of $51.8 million increased 75.9% and baccarat drop of $559.2 million increased 48.4%. Baccarat’s hold percentage was 9.27% versus 7.82% last year, Lawton said.
Deutsche Bank reported the Strip slot handle was up 37.7% versus 2019, while table volumes were up 14.3% versus 2019 (+32% versus 2019, excluding baccarat). Strip slot revenue of $360.8 million was up 31.3% versus 2019, as hold was down to 7.9%, the firm noted.
Strip table revenue, excluding baccarat, was $184.6 million and was up 31.7% versus 2019. Drop increased 32% versus 2019, while hold was down to 14.5%, the firm noted.
Strip baccarat volumes were down 13.1% versus 2019, while revenue was down 28% versus 2019, as baccarat hold of 8.9% was down versus 2019.
Overall, April Strip table revenue of $223.5 million (excluding poker) was up 10.8% versus 2019, as drop was up 14.3% versus 2019. Table hold of 12.4% was down versus April 2019, Deutsche Bank reported.
