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Nevada Exceeds $1 Billion In Gaming Revenue For 19 Straight Months


A new NFL season and the Canelo-GGG rematch helped extend the Silver State’s lucrative winning streak.


Nevada’s luck has yet to run out. The Silver State reported its 19th consecutive month of more than $1 billion in gaming revenue.

According to the Nevada Gaming Control Board, the state’s casinos collected $1.2 billion in revenue—an 18% increase from the same month in 2019, before the pandemic.

The state is also on pace to eclipse last year's record-breaking gaming revenue total of $13.4 million. Nevada’s casinos generated $11 billion over the last nine months, which is 13.2% higher than the same period in 2021. Revenues from the Las Vegas Strip are up a robust 22.7%.

“We have three months left in the calendar year and I'm going to go out on a limb and say this year is going to surpass last year,” says Michael Lawton, senior economic analyst at the Nevada Gaming Control Board.

The Strip continues to carry Nevada’s rally, which is approaching the two-year mark. In September, Las Vegas casinos brought in $693 million, up 8.3% from September 2021. Slot machines inside Strip casinos brought in 15.3% more revenue than last September, while football season, concerts and special events also helped Vegas continue to attract tourists and dollars. For instance, on September 17, Canelo Alvarez defeated Gennady Golovkin in their third boxing match at T-Mobile Arena. The next day, the Las Vegas Raiders played their home opener against the Arizona Cardinals at Allegiant Stadium. Earlier in the month, 1980s metal bands Mötley Crüe, Def Leppard and Poison drew big crowds to Allegiant, and Aerosmith launched its residency at the Park MGM.

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Statewide, revenue is up 13% current year to date over last year. Every market is up for the first nine months of the year except for one, Sparks, which is down slightly, by just 0.08%.

Slot machines, the casinos’ favorite cash machine, brought in $858.1 million in September, a 10% increased over the same period last year. Slots accounted for 72% of the state’s total monthly revenue. Table, counter and card games generate $390.8 million, only a modest 3.5% increase, and baccarat generated $80.1 million, a 3.6% decrease over last September. Nevada sportsbooks brought in another $70.6 million, up a generous 30.2% compared to the same month last year thanks to a hold percentage of 9.30%. The hold percentage for the state’s sportsbooks last year was just 6.90%. Wagers statewide hit $760.8 million, down 3.3% compared to September 2021.

Brendan Bussmann, the managing partner of B Global, a consulting firm focused on gaming and hospitality, says Nevada is likely to continue its winning streak for the rest of the year. “First and foremost, $1 billion is the standard at this point—you almost have two years of data,” says Bussmann.

But for Bussmann, the billion-dollar revenue streak obscures some dark clouds in the Silver State’s lining. Looking at fiscal year to date, from July through September, locals markets like Downtown Vegas, Laughlin and the Boulder Strip are all down by more than 2% compared to the same time last year.

“I think there's a little bit of softness,” says Bussmann. “We hit full recovery, plus some, but we have inflation at record levels and costs are spiraling out of control, which will put pressure on the locals market.”

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The number of visitors to Vegas is also climbing its way back up to pre-pandemic levels. In September, 3.35 million people visited, up 14.3% from last year, but down 3.5% compared to September 2019, according to a report by the Las Vegas Convention and Visitors Authority. Hotel occupancy hit 83%, up from 73% last September but down from 88.3% the same month in 2019. Weekend occupancy reached 92.1%, which is down 3.5% from September 2019.

Lawton says he expects some “choppiness” over the next couple of months. “There is an overhang of the macro-economic picture,” he says, “but the core customer continues to fight through it.”

But Lawton’s money is on the $1 billion-plus in monthly revenue continuing until 2023. “We are set up good to finish the calendar year strong,” he says. “I like how we look for the near future. We would have to see a significant drop off—20%—to not hit $1 billion in October. There's nothing to support that possibility. I like our chances of continuing the streak.”

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