Nevada’s on line casino trade set annual gaming income information statewide and on the Strip when November’s figures have been counted.
December’s response? “Not so quick.”
Fueled by a single-month report for the Strip in December, Nevada completed off 2022 with greater than $14.8 billion in gaming income, blowing previous 2021’s $13.4 billion by 10.5 p.c, the state’s Gaming Management Board mentioned Tuesday.
The Strip accounted for greater than $8.2 billion of the state’s complete within the 12 months, a 17.1 p.c improve from the $7.1 billion recorded final 12 months.
December’s Strip income complete of virtually $814.2 million was energized by a particular occasion calendar that included two Las Vegas Raiders video games, the PAC-12 championship soccer recreation, the Nationwide Finals Rodeo and a UFC battle. Slot machine income of $405 million and baccarat winnings of $146 million grew the Strip’s December determine by greater than 25 p.c from the 12 months earlier than.
“The Strip accounted for almost all of the statewide improve in December,” mentioned management board senior financial analyst Michael Lawton. “The state’s mixed markets exterior of the Strip solely elevated by 0.2 p.c, or $914,000 in comparison with December 2021.”
Nevada has skilled 22 straight months of $1 billion or extra in gaming income. Through the streak, the state’s month-to-month gaming income complete has surpassed Nevada’s earlier statewide report of $1.16 billion set in October 2007 in 15 completely different months, together with July 2021’s present single-month report of $1.36 billion.
Lawton urged the month-to-month gaming income will increase might reasonable throughout 2023. The management board advised the state’s Financial Discussion board in December that month-to-month gaming income mannequin predictions for the approaching 12 months present a roughly 1.5 p.c gaming income decline statewide with Strip income displaying no improve.
“Flattish to reasonable progress is nice if we preserve near the place we at the moment are,” Lawton mentioned. “If we miss by 1 or 2 p.c, these are nonetheless sturdy numbers in comparison with the place we have been in 2019.”
He mentioned exterior variables, reminiscent of what the Federal Reserve does with rates of interest, will impact Nevada revenues. On the optimistic facet, new particular occasions, such because the inaugural Method One race in November, may enhance gaming income totals.
Regardless, Lawton mentioned January and February numbers for 2023 ought to see a rise from 2022 when outcomes have been considerably blunted due to the Omicron variant.
Gaming income will increase statewide
Along with the Strip, 9 of Nevada’s 18 submarkets had report income totals for 2022, together with downtown Las Vegas and the mixed areas that make up the Las Vegas locals on line casino sector.
Clark County noticed gaming income soar 11.8 p.c in 2022 to virtually $12.8 billion – which might match the 2007 statewide gaming income complete that stood as an all-time report till 2021.
Downtown Las Vegas casinos recorded $880.2 million in income, up 4.5 p.c from a 12 months in the past, and the mixed locals market topped greater than $2.9 billion, a rise of two.4 p.c.
The Boulder Strip, which incorporates casinos in Henderson, was the state’s solely area that noticed gaming income decline in 2022, although the $966.7 million determine was a lower than a 1 p.c dip from 2021’s all-time report of $967.5 million. Lawton urged the market’s income was harm by the timing of slot machine income collections as a result of the month ended on a weekend.
“The Boulder Strip market stays very wholesome,” Lawton mentioned.
Northern Nevada’s main gaming markets didn’t set information in 2022 however exceeded their 2021 totals. Washoe County hit greater than $1 billion for the second 12 months in a row, a 2.4 p.c improve. Reno casinos grew income by 2.1 p.c to $743.8 million.
Sparks, which noticed the opening of Legends Bay On line casino in August, grew gaming income by 3.6 p.c to $172.8 million.
Las Vegas visitation nonetheless trails pre-pandemic numbers
The record-setting gaming totals on the Strip didn’t translate into customer quantity will increase.
Visitation to Las Vegas fell simply wanting 39 million in 2022, 20.5 p.c forward of 2021, however nonetheless trailing the pre-pandemic complete of 42.5 million guests in 2019 by 8.7 p.c, in accordance with a report launched Tuesday by the Las Vegas Conference and Guests Authority.
December noticed greater than 3.3 million guests to Las Vegas, a rise of 10.1 p.c from a 12 months earlier.
Conference attendance, which was severely diminished after COVID-19 precipitated cancellations all through 2020 and 2021 and decreased attendance figures for reveals that returned in 2022, fell simply wanting 5 million. LVCVA officers expressed confidence the 25 p.c drop from 2019’s 6.6 million conference attendees can be made up in 2023.
Within the assertion, the LVCVA pointed towards the openings later within the 12 months of the three,700-room Fontainebleau Las Vegas on the Strip’s north finish, and the $2.18 billion MSG Sphere, a 17,500-seat leisure venue behind The Venetian. The openings, together with particular occasions, together with November’s Method One race, are anticipated to make visitation spike.
In 2022, total resort occupancy reached 79.2 p.c, with 89.3 p.c occupancy on weekends. Common every day room charges on the Strip in December reached $187.90, up 38 p.c from 2019. For the 12 months, common every day room charges have been $182.11, 27.2 p.c larger than in 2019.
Report 12 months for sports activities betting
Nevada’s sports activities betting trade set a report for income of $446.7 million and complete wagers of $8.7 billion throughout 2022, snapping 2021’s earlier report. The figures have been introduced the identical day that Massachusetts turned the thirty third state with authorized sports activities betting, an trade on which Nevada had a monopoly virtually 5 years in the past.
Cell sports activities betting continued to increase in Nevada, accounting for nearly half of all income and $5.9 billion, or 68.3 p.c, of all sports activities wagers. The wagering complete elevated from 64.6 p.c a 12 months in the past.
“The continued acceptance of cell sports activities wagering by prospects is the catalyst for these outcomes,” Lawton mentioned.
Not like most sports activities betting states, Nevada nonetheless requires that prospects register for a cell account in individual at a on line casino, fairly than remotely.
This story was up to date at 12:24 p.m. on 1/31/2023 with Las Vegas tourism figures. Will probably be up to date with passenger totals from Harry Reid Worldwide Airport.