Strip sets February gaming record amid record air travel to Las Vegas

March 28, 2023 1:00 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
March 28, 2023 1:00 PM
  • Buck Wargo, CDC Gaming Reports

A 19% increase in gaming revenue on the Las Vegas Strip set a record in February, assisted by a record-breaking month at Harry Reid International Airport. Nevada surpassed $1 billion in revenue for the 24th consecutive month.

The Strip recorded $712.4 million in revenue, up from $599.1 million in February 2022, according to the Nevada Gaming Control Board.

Statewide revenue was $1.23 billion for the month, an 11.1% increase from $1.13 billion in February 2022.

Clark County earned $1.08 billion, up 13.8% from $949.8 million in February 2022. Clark County alone has recorded 10 consecutive months of gaming win in excess of $1 billion.

Downtown Las Vegas enjoyed a 7.5% increase, going from $69.1 million in February 2022 to $74.3 million last month.

Locals casinos in Las Vegas won 4.4% more year over year, according to Deutsche Bank, increasing from $223 million in February 2022 to $232.9 million last month.

Harry Reid International Airport reported Monday that 4.17 million passengers traveled through the airport in February, breaking the previous February mark of 3.86 million set in 2020 just prior to the pandemic. The 4.17 million passengers were 25% more than the 3.34 million passengers in February 2022 when Las Vegas was dealing with the omicron variant.

International travel at 203,000 more than doubled from the 100,000 in February 2022.

Michael Lawton, a senior economic analyst for the state, said Nevada continued to record gaming win amounts in excess of pre-pandemic levels.

All sub-markets in Clark County increased year over year. Excluding the Strip, these markets increased 5.2% or $18.1 million, Lawton said.

Special events in February included Bruno Mars playing at the Park MGM and the Wildfire Fremont in downtown Las Vegas opened.

Statewide, table, counter, and card games win of $414.5 million increased 18.8% or $65.7 million and game drop of $2.8 billion decreased 0.7% from February 2022. Game hold was 14.66% versus 12.25% last year.

Baccarat win of $102.5 million increased 62.7% or $39.5 million and baccarat drop of $696.8 million increased 18.6%. Baccarat’s hold percentage was 14.7% versus 10.7% last year.

Nevada sportsbooks won $41.3 million, up 33.5% or $10.4 compared to February 2022 on a hold percentage of 6.26% versus 3.96% last year. Sportsbook wagers totaled $659.4 million, down 15.6% compared to February 2022 when $781.0 million was wagered statewide, Lawton said.

Mobile wagers totaled $402.2 million, down 21.6% or $110.8 million and accounted for 61.0% of total wagers.

Slot win of $822.8 million increased 7.6% or $58.4 million and coin-in of $11.5 billion was up $429.6 million or 3.9%. Slot hold was 7.16% versus 6.91% last year.

The Strip’s slot win totaled $390.4 million and increased 16% or $53.9 million; coin-in totaled $4.8 billion, an increase of 11.1% or $481.6 million.

The Strip’s table-game win totaled $322 million and increased 22.6% or $59.4 million, while drop was $2.1 billion, an increased of 0.3% or $5.5 million.

Baccarat win of $99.1 million increased $36.3 million or 57.9% and baccarat drop of $678.5 million increased $113.6 million or 20.1%.

Elsewhere in Clark County, Laughlin had $45.6 million in revenue, a 6.1% increase over $43 million in February 2022.

Washoe County in northern Nevada reported a decline of 8% from $83.5 million in February 2022 to $76.8 million last month, primarily due to winter weather issues. Sparks, however, with its new casino, reported a 4.9% increase to $13.4 million. South Lake Tahoe had a 3.9% decrease to $18.9 million.

The Las Vegas Convention and Visitors Authority reported today that the city welcomed 3.08 million visitors in February, 17.8% higher than February 2022, but 3.4% below February 2019 levels as the impact from COVID lingers.

Overall hotel occupancy exceeded 82% for the month, 12.9% higher than February 2022. Weekend occupancy reached 89.3%, up 1.8 points year over year, but 2.6% below February 2019. Supported by the strengthening convention and group segment, midweek occupancy reached 78.8%, 18.1% higher than February 2022, but 5.8% below February 2019.

The 663,400 conventioneers topped the 439,000 in February 2022. That’s below the 748,600 in February 2019.

Robust room rates equated with an overall adjusted daily rate of $177, 18.1% ahead of February 2022 and 35.8% more than February 2019, while revenue per available room exceeded $145, up 40.1% year over year and 28.3% over February 2019.