Las Vegas casinos set off fireworks in July, gaming revenue hits record high
In July 2023, Las Vegas casinos took more money from players than ever before.
The Nevada Gaming Control Board (NGCB) reported Wednesday that Clark County’s gross gaming revenue (GGR) hit a record $1.208 billion in July, a 7.5 percent increase from the same period last year.Strip Casinos reported GGR of $834.9 million, an all-time high for the state’s top gaming market.
Statewide gaming revenue totaled $1.404 billion, up nearly 7 percent and marking the richest month in Nevada gaming history. In March 1931, Nevada legalized gambling.
"The Reader's Digest version of what sparked this month's record win was the slot win, which, while not a record, is the third-highest total ever in the state and the second-highest overall on the Las Vegas Strip ," senior Michael Lawton said. NGCB Economic Analyst.
Nevada's casinos are now almost certain to set annual revenue records for the third consecutive year. In 2022, Nevada casinos generated $14.84 billion in total revenue. That significantly surpassed the state's sales record of $13.4 billion set last year.
International Travel Returns
Earlier this week, news broke that international flights were resuming at Harry Reid International Airport, a major air travel hub in Las Vegas. More than 290,000 foreign travelers arrived and departed through the airport in July, the most since COVID-19 arrived in Nevada in early 2020.
While approximately 42.5 million tourists visited Las Vegas in 2019, with fewer than 4 million visitors from overseas markets, international audiences are highly sought after. International guests stay longer, spend more and gamble more than domestic guests.
The game of choice among high-rollers in Asia is baccarat, and increased traffic at Harry Reid International last month has also impacted baccarat venues.
Card game revenue has been relatively flat since 2019 as China largely suspended air travel to the United States. But as international visitors continue to return to Sin City this year, baccarat activity is on the rise.
Wonderful ways to play Baccarat
National baccarat revenue rose 40% to $193.3 million in July, with casino win rates as high as 24%. The Las Vegas Strip, where most Asian high-rollers hang out, accounted for the largest bets, at $190.1 million.
The baccarat numbers were still very strong though due to extremely high hold rates," Lawton explained. "These baccarat jackpots created the second-highest game and table totals ever in the state and on the Las Vegas Strip. bonus. Overall, July 2023 set new state and Las Vegas Strip records. "
Baccarat is an easy-to-play game that requires minimal skill from the player. Card games offer some of the best winning opportunities in casinos.
Dataset compromised
Nevada casinos generated approximately $8.92 billion in gross gaming revenue through the seven months of 2023. That's a 4.1% increase compared with January through July 2022, when casino revenue was about $8.57 billion.
July 2023 marks the 29th consecutive month that statewide gaming revenue has exceeded $1 billion. Before this unprecedented boom, the state's longest streak of winnings of at least $1 billion lasted just eight months, from October 2006 to May 2007.
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Source: www.casino.org
