Nevada’s casinos have broken annual gaming revenue records for the third straight year in a victorious streak that has seen financial expansion. According to the state Gaming Control Board, gaming revenue at state-run casinos reached a whopping $15.5 billion in 2023—a substantial rise of 4.6 percent over the previous year.
Record-Breaking $8.9 Billion Contribution Signaling Strip Dominance
The iconic Las Vegas Strip emerged as the star performer, reporting an unprecedented $8.9 billion in gaming revenue. This staggering figure represents a remarkable 7.4 percent surge and accounts for over 57 percent of the state’s total gaming revenue. Historically, the $12 billion benchmark was the norm for Nevada’s casino industry until the transformative year of 2019.
After grappling with a 34.6 percent revenue decline in 2020 due to pandemic-induced closures, the industry bounced back with $13.4 billion in 2021 and $14.8 billion in 2022.
December proved to be a historic month, with statewide casinos generating a record-breaking $1.43 billion in gaming revenue. This marked a notable 9 percent increase from the previous year, surpassing the earlier record set in July. November also left its mark as the state’s third-highest gaming revenue month, securing $1.37 billion.
Throughout 2023, Nevada’s casinos achieved revenue records in an impressive 9 out of the 12 months, showcasing consistent financial prowess.
Las Vegas Strip Highlights
In December, the gaming income on the Las Vegas Strip reached a record-breaking $909.6 million in one month. Notable occasions such as the Formula One Las Vegas Grand Prix, the $2.3 billion Sphere’s grand opening, and the inauguration of the $3.7 billion Fontainebleau Las Vegas are responsible for this spike.
Harry Reid International Airport set a new record for passenger throughput in 2023 with 40.8 million people, despite Las Vegas tourist marginally falling short of the record set in 2016. With 57.6 million passengers, the airport saw a remarkable rise of more than 9% over the year before. One of the major forces behind Nevada’s economic recovery is still the state’s booming casino sector.
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