Nevada Gaming Establishments Secure $1.27 Billion in Revenue During January, Exceeding 2022's Remarkable Earnings
Nevada casinos banked approximately $1.3 billion in January 2023, marking an 18% increase compared to the same month in 2022 and signifying the start of a record-breaking year for the Silver State's gaming industry. This was the 23rd consecutive month that statewide gaming surpassed the $1 billion mark.
The Las Vegas Strip sustained the momentum, recording a gross gaming revenue (GGR) of over $713.2 million. This GGR figure on the main drag represented a nearly 26% increase year-over-year. The Las Vegas Review-Journal reported that the Strip's $713.2 million haul was its third-best month on record.
However, the action didn't end on the Strip. Other measured markets also reported strong performances in January.
Downtown Las Vegas casinos earned $84.9 million - a market-best third month on record. The Fremont Street properties saw GGR soar by over 25% compared to January 2022. Boulder Strip casino income rose 13% to $96.4 million - the fourth-highest GGR month there - while North Las Vegas earnings increased 8% to $24 million.
Clark County reported nearly $1.13 billion in January casino revenue, a nearly 22% rise. The countywide surge suggests that the leisure and business travel segments, as well as the local market, are as vibrant as ever.
Gamblers in Nevada lost $847.5 million on slot machines in January and $375 million on the table. Sports bettors forfeited $50.4 million of their bets.
Favorable Conditions
Southern Nevada benefited from a variety of favorable circumstances in January 2023.
The previous year ended on a Saturday, making New Year's Eve and New Year's Day particularly strong in and around the Strip. The Las Vegas Raiders also hosted two home games at Allegiant Stadium in January 2023 compared to only one game the previous January.
Three significant conventions in Las Vegas returned to near full strength for the first time since the pandemic. CES attracted 115K attendees to the consumer electronics showcase, World of Concrete welcomed 75K patrons, and the SHOT (Shooting, Hunting, and Outdoor Trade) Show reported attendance of more than 52K industry professionals.
The trade shows returned to the Las Vegas Convention Center in January with much higher anticipated attendance this year compared to last year,” commented Michael Lawton, the senior economic analyst for the Nevada Gaming Control Board (NGCB).
The Las Vegas Convention and Visitors Authority (LVCVA) stated that January 2023's visitor count was approximately 3.27 million people. Although that's 4% less than January 2019, January 2023 was 32% better than the previous year.
Northern Nevada wasn't dealt such a strong hand, as poor weather was cited for a 13% year-over-year revenue decline in Washoe County. The market, which houses Reno, reported GGR of $74.3 million. Casinos in Elko County, home to Wendover, earned more than $32.7 million - a 3% increase. South Lake Tahoe's revenue grew about 2% to $17.4 million and Carson Valley 8% to $10.1 million.
Coming Down
Lawton tempered some of the 2023 kickoff excitement by stating that January and February present the most advantageous comparables this year, implying that the year-over-year percentages might shrink in the months ahead.
January and February of 2022 represent the weakest comparisons the Strip will encounter for the remainder of the year,” Lawton explained.
The Strip, naturally, is the most significant market for the overall health of the Nevada gaming industry.
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