Nevada casinos win $15.5 billion in 2023, record third straight year
Nevada casinos just had their best 12 months ever.
The Nevada Gaming Control Board (NGCB) announced Wednesday that gross gaming revenue (GGR) will top $15.52 billion in 2023. Annual profits are up 4.6% from 2022.
Nevada casino revenue continues to increase in the wake of the COVID-19 pandemic. 2023 marks the third consecutive year that the state’s GGR has reached a new high.
Revenue reports show state-owned casinos earned nearly $10.3 billion from slot machines and more than $5.2 billion from table games and sports betting. Slots gaming revenue increased 2.3% year-on-year, while bettors and oddsmakers saw revenue growth of more than 8%.
Nevada’s record win in the gaming industry can be attributed to a number of factors, including several special events held throughout the year and a customer base that has demonstrated resilience in the face of various challenges related to gaming. These challenges include: Inflation and rising demand, NGCB senior economic analyst Michael Lawton commented.
“Nevada continues to benefit from increased domestic and international leisure travel demand,” Lawton added.
Nevada remains the richest gambling state in the United States. The state's investment of $15.5 billion far exceeds New Jersey's investment of $5.8 billion. Pennsylvania ranks third with $5.7 billion.
Delivery in December
Nevada casinos had an unprecedented close to the year in December, with gross gaming revenue (GGR) rising to $1.43 billion. The impressive 9% year-over-year growth was the best December ever for Nevada gaming.
December 2023 is typically a slow month as families don't consider Las Vegas a popular vacation destination and meetings over Christmas and New Year's are also slow. He benefited from the opening of two new casinos.
Fontainebleau on the Las Vegas Strip opened on December 23, the first land-based casino to open on the Strip since Resorts World in June 2021. Red Rock Resorts' Durango Casino and Resort opens in Spring Valley on December 5.
December also benefited from the National Rodeo Finals being held in town earlier this month, Garth Brooks’ grand appearance at the Colosseum at Caesars Palace and U2 finishing on the Sphere.
The Las Vegas Raiders also host two games at Allegiant Stadium against the visiting Minnesota Vikings and Los Angeles Chargers. Both games are sold out.
2023 RECORD
Many of the markets included in the NGCB report experienced record sales years.
Clark County’s GGR reaches a record $13.48 billion, a 5.5% premium over 2022. Las Vegas Strip casinos posted record player profits, with players losing $8.9 billion.
Table game and sports betting winnings on the Las Vegas Strip grew 15.5% to more than $4 billion. Slot machines brought in more than $4.8 billion in revenue, up nearly 5 percent. 2023 Strip revenue is 7.4% higher than 2022 wins.
Downtown Las Vegas casinos won a record $909.6 million, while Mesquite casinos won $183.6 million. Casinos in Sparks, Elko County and Wendover also reported record gambling levels.
Reno is a rare trouble spot. GGR fell nearly 1% to $738.3 million. Local concerns about inflation may be the reason for the stagnant economy. Total slot gaming revenue in the paid segment fell by 2%, while revenue from table games and sports betting increased by more than 5%.
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Source: www.casino.org
