The casino gaming win in Nevada for the month of May was flat compared to the previous year, which was in line with analysts’ predictions. Clark County, on the other hand, managed to reclaim the $1 billion threshold following a small dip in April, thanks to a solid performance from the Las Vegas Strip. The Nevada Gaming Control Board reported total state revenue of $1.29 billion, indicating a 0.8% decrease from May 2022.
Clark County, which has 219 casino licensees, had a total gaming win of $1.1 billion, a 1% reduction from the previous year. The legendary Las Vegas Strip contributed considerably to the state’s gambling victory, bringing in $715.9 million. Nevada has now surpassed the $1 billion barrier for the 27th month in a row. While the casino sector remains strong, comparing results is getting increasingly difficult.
The Nevada Gaming Control Board‘s chief economic analyst, Michael Lawton, emphasized the state’s recent downturn in two of the last three months. He remarked that the approaching year will provide considerable issues because monthly comparisons will be made against the greatest or second-highest monthly totals in the corresponding months’ history. Lawton believes that these comparisons will be the most difficult the state has ever faced.
May was a mixed bag for Nevada’s 20 casino markets, with only seven showing stronger performance than the prior year. North Las Vegas in Southern Nevada saw the greatest reduction, falling 6.6% to $24.2 million. However, Clark County’s outlying areas performed well, with a 6.5% gain to $150.2 million. South Lake Tahoe was the market with the most improvement, increasing by 11.3% to $19.5 million. North Lake Tahoe, on the other hand, experienced the greatest drop, plummeting 20% to $1.7 million. The Las Vegas Strip decreased by 2.1% to $716 million, while downtown Las Vegas decreased by 6.6% to $73.6 million.
Despite losses and flatness in several Nevada markets, the May data show a healthy performance. May’s overall revenue for the state was the eighth-highest of all time. Clark County and the Las Vegas Strip both had their ninth-best performances to date, while downtown Las Vegas had its 15th-best performance to date. Overall, the casino business has performed well over the past year, with a 3.8% rise in gaming revenue over the previous fiscal year, totaling $13.8 billion as of the end of May.
Slot machine and sports wagering revenue increased in May compared to the previous year, while table games revenue decreased. The amount won in slots increased by 0.9% to $877.9 million, but the amount inserted into machines declined by 0.8% to $11.8 billion. The percentage of slot wins increased significantly from 7.31% in May of last year to 7.43% this year.
Table and card game wins, on the other hand, totaled $411.2 million, a 4.4% decrease from May 2022. The game drop, which represents the total amount wagered, fell 7.9% to $2.7 billion. The percentage of games held increased to 15% from 14.5% the previous year. Individual game win reduced by 2.7%, while craps won decreased by 19.4%. Baccarat win also decreased somewhat, hitting $133.8 million, a 0.5% decline.
When compared to the same period last year, Nevada sportsbooks’ earnings increased by 11.4% to $30.1 million in May 2023. Despite a 6.2% decrease in total wagers placed, totaling $527 million, the hold percentage of 5.7% increased from 4.8% previous year. Mobile devices contributed for $358 million in total wagers, a decrease of 10% from the previous year.
The post Nevada Casino Industry Faces Mixed Results in May as Challenges Loom Ahead appeared first on iGaming.org.