Nevada Gaming Revenue Reaches New August High with Continued Growth on the Las Vegas Strip
The Las Vegas Strip continued to shine in August, with the main thoroughfare pushing Nevada's gaming earnings to all-time highs.
Nevada's casinos, bars, sportsbooks, and other licensed establishments collected over $1.2 billion in August 2023, setting a new record for the month. Though overall gaming revenue faltered in areas not on the Strip, casinos along S. Las Vegas Blvd. reported a 1.1% increase, helping to balance out losses elsewhere in the Silver State.
Strip casinos took in $666.8 million from gamblers in August. The number of spins on slot machines rose by 3%, and table wins increased by 7%.
Baccarat was the standout table game with $114.3 million in winnings, showcasing the resurgence of visitors from Asia as it's their preferred game.
A Winning Streak
With eight months completed, it's likely that Nevada casinos will break another annual gaming revenue record, marking the third year in a row. In 2022, gaming revenue hit a record $14.84 billion. Casinos in the state won $13.42 billion in 2021.
By August 2023, Nevada's casino earnings have surpassed $10.13 billion – a sizable leap forward when compared to this time in 2022, when the total was $9.77 billion, which is 3.6% less.
Though the Nevada Gaming Control Board's August data showed a decline in GGR from the previous year in major markets such as downtown Las Vegas and Boulder, the Strip remains unscathed.
The ongoing events calendar, including the restart of Adele's residency at Caesars Palace and the debut of Maroon 5 at Park MGM, kept Strip properties thriving.
Passenger traffic through Harry Reid International Airport reached 4.6 million, although this was comparable to August 2022, international travel saw a surge of more than 37%. International guests tend to stay longer and spend more than domestic tourists.
The Las Vegas Convention and Visitors Authority (LVCVA) reported a 4% increase in visitor numbers across Southern Nevada. Drive-in traffic from California and Arizona contributed to improved figures. As well as the return of conventions, hotels maintained high occupancy rates.
Midweek saw a boost in business thanks to the reemergence of conventions like ASD Market Week and the Summer 2023 Las Vegas Market at World Market Center. These events were previously held in July last year.
Hotel occupancy rates reached 80%, with weekend occupancy approaching 90%. The average daily rate for a room on the Strip stood at approximately $170, with over 150,000 rooms available.
A Promising Outlook
With conventions in full swing again and Asia's tourism returning, September is expected to be another exceptional month for Las Vegas.
The Las Vegas Raiders are also attracting large crowds, with their opponents bringing along sizable fanbases. As a result, Allegiant Stadium often feels like a neutral ground for the team that moved to Las Vegas from Oakland in 2020. Last weekend, the Raiders hosted the Pittsburgh Steelers, and the stands were filled with yellow and black "Terrible Towels."
The grand opening of the $2.3 billion Sphere also took place this weekend, welcoming a U2 residency. https://www.youtube.com/embed/mcP6v5Eyc0c
