The casino business in Nevada has reached new heights, announcing a stunning milestone for the month of July 2023. The state’s non-restricted gaming licensees established an all-time high with $1.4 billion in total gambling revenue. This accomplishment is especially significant because it occurred during a period of decline in the number of operational casinos, according to data from the Nevada Gaming Control Board.
In July, the famed Las Vegas Strip again had an outstanding performance, adding greatly to the state’s record-breaking success. From the $1.2 billion total winnings from Clark County casinos throughout the month, a record $834.9 million was produced among the 60 licensees operating on the Strip.
Interestingly, despite a decrease in the number of operational casinos, the state’s excellent 6.69% revenue growth over the previous year’s $1.3 billion was accomplished. According to the Las Vegas Review-Journal, the number of casinos fell from 453 in July 2022 to 439 in July 2023, emphasizing the extraordinary significance of this feat.
Revenue from slot machines and baccarat tables was a major component to the record-breaking result. Michael Lawton, senior economic analyst for the Gaming Control Board, stressed the importance of slot wins and big baccarat statistics in achieving the new milestone. Lawton stated that the performance in July 2023 set new all-time marks for both the state and the Strip.
In terms of fee collections, August 2023 saw the state collect $95.7 million, reflecting a 5.94% increase compared to the same period in the previous year. This growth amounted to an additional $5.37 million, elevating the state’s financial gains from gaming activities.
The July gaming win not only demonstrated a substantial 37% increase compared to pre-pandemic July 2019 but also marked the 29th consecutive month during which Nevada surpassed $1 billion in monthly gaming win. The performance during the current calendar year until July has shown a promising trajectory, with the Strip win up by 6.5% and the state’s overall performance up by 4.1%, signaling the potential for yet another record-breaking year.
The Las Vegas Strip took the lead in revenue generation, achieving $834.89 million, an impressive 8% surge from the previous year’s $773.39 million. Downtown followed, registering revenues of $65.37 million, reflecting a notable 9% increase from July 2022. However, North Las Vegas casinos experienced a slight decrease, with revenues declining by 2% to $24 million.
In a broader scope, Clark County casinos collectively contributed $1.2 billion to the record-breaking month, showcasing a remarkable 7.5% growth compared to the same period in the preceding year. The balance of Clark County, including unincorporated areas of Southern Nevada, contributed $143.79 million, while Washoe County’s casinos generated $100 million.
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