Posted on: August 30, 2023, 12:09h.
Last updated on: August 30, 2023, 12:09h.
Las Vegas casinos rack up record-breaking July 2023 gaming revenue
The Nevada Gaming Control Board reports that Clark County and the Las Vegas Strip both achieved record-breaking gross gaming revenue in July 2023. Total statewide gaming revenue also reached an all-time high.
According to the Gaming Control Board, Clark County’s gross gaming revenue in July was $1.208 billion, a 7.5% increase compared to the previous year. The Las Vegas Strip saw a record-breaking figure of $834.9 million.
Overall, Nevada’s gross gaming revenue for July 2023 reached $1.404 billion, marking the richest month in the history of gambling in the state.
Slot win was the main driver behind the record-breaking revenue in July, contributing to the third-highest total all-time for Nevada and the second-highest total for the Las Vegas Strip,” said Michael Lawton, senior economic analyst for the Nevada Gaming Control Board.
With this growth trend, it is highly likely that Nevada casinos will set another annual revenue record for the third consecutive year. In 2022, Nevada casinos generated $14.84 billion in gross gaming revenue, surpassing the previous year’s record of $13.4 billion.
Asians Return
Casino.org recently reported on the increasing return of international visitors to Las Vegas. In July, more than 290,000 foreign travelers arrived and departed through Harry Reid International Airport, the highest number since the COVID-19 pandemic began in early 2020.
While international visitors only accounted for a small percentage of Las Vegas’ total visitors in 2019, they are highly valuable to the casino industry. International patrons tend to stay longer, spend more money, and participate in high-stakes gambling.
Baccarat, a popular game among high rollers from Asia, experienced a boost in revenue due to increased international passenger traffic at Harry Reid International Airport.
Baccarat revenue has been relatively stable since 2019, with limited air service between China and the US. However, as international visitors return to Las Vegas in larger numbers, baccarat action is heating up.
Statewide baccarat revenue in July jumped 40% to $193.3 million, with a strong 24% win rate for the casinos. The majority of baccarat gameplay, $190.1 million, occurred on the Las Vegas Strip.
“The baccarat figures are incredibly strong, primarily due to the casinos’ elevated hold rate. These baccarat totals set the second-highest record for game and table win in the history of Nevada and the Las Vegas Strip. Overall, July 2023 established a new revenue record,” explained Lawton.
Baccarat is an easy game with favorable odds for players. It continues to attract high rollers and contributes significantly to the casino’s revenue.
Record Threatened
Nevada casinos have already generated approximately $8.92 billion in gross gaming income from January to July 2023, a 4.1% increase compared to the same period in the previous year.
With July marking the 29th consecutive month where statewide gaming revenue surpassed $1 billion, it is clear that Nevada is on track to break its previous revenue records. Prior to this streak, the longest period of achieving $1 billion in consecutive months lasted only eight months, from October 2006 to May 2007.