Posted on: October 28, 2022, 12:04h.
Last updated on: October 27, 2022, 06:34h.
The Las Vegas Strip is busier than ever. And despite some state gaming markets beginning to see demand wane and play subside, Nevada’s casinos are operating at unprecedented highs.
September 2022 marked the 19th month in a row that Nevada casinos won in excess of $1 billion. Once a major milestone worthy of celebration, Nevada casinos have now made a habit of since the record streak began in February 2021.
The Nevada Gaming Control Board revealed that statewide gross gaming revenue (GGR) totaled $1.248 billion in September. That’s a nearly 8% increase from September 2021. Only three of the 20 monitored markets experienced a year-over-year decline.
September did benefit from having one additional weekend day than the month did in 2021.
Strip Surges Continue
Clark County’s Las Vegas, the most important of the 20 metered markets, continues to experience resilient play.
Strip casinos pulled in almost $693 million from gamblers, an 8.25% year-over-year premium. Slot machines fueled the ongoing rally in September, as the terminals on the main drag generated GGR of $409.5 million — 15% higher than a year ago. The slot surge offset flat revenue from table games, as craps, blackjack, and roulette all won fewer dollars on poor win rates.
The robust play on the Strip amid economic uncertainty and record inflation has been credited to the return of large-scale conventions and events, plus the kickoff of the NFL and college football seasons. Casino residencies and shows have also returned to full capacity and guests are filling seats.
This month’s [Strip] total was driven by another incredibly strong sports and entertainment calendar, which included concerts, residencies, a music festival, and three high-profile sporting events,” said Michael Lawton, the NGCB’s senior economic analyst.
Along with downtown Las Vegas, North Las Vegas, Laughlin, Boulder, and Mesquite, Clark County GGR eclipsed the $1 billion plateau on its own. Clark County casinos collectively won $1,060,634 last month.
Another Record Year
Through three quarters of 2022, Nevada and Las Vegas casinos are easily ahead of the record pace they set only a year ago. Nevada GGR in 2021 was more than $13.42 billion, which far exceeded the state’s previous banner year of $12.85 billion set in 2007.
January through September, Nevada’s 312 casinos have won more than $11 billion.
“We have three months left in the calendar year, and I’m going to go out on a limb and say this year is going to surpass last year,” Lawton added.
October is shaping up for another nice monthly revenue report. The Global Gaming Expo (G2E) held earlier this month was the first full in-person convention of the gaming industry’s marquee trade show since the COVID-19 pandemic.
However, Lawton cautions that Nevada’s gaming industry will eventually see year-over-year declines.
All markets are going to be facing difficult comparisons for the foreseeable future and results will be choppy from month to month, and we expect growth rates to moderate,” Lawton concluded.
Visitor numbers for Southern Nevada will be released later this week by the Las Vegas Convention and Visitors Authority.