Las Vegas Visitors Set New Gambling Record in July

Article by : Erik Gibbs Sep 1, 2023

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July brought record-breaking heat to Nevada but did not deter bettors from engaging in top gaming activity. The state of Nevada and the famous Las Vegas Strip set records for gaming revenue in July. These historic highs were propelled by the third-highest slot revenue in history and the highest baccarat hold since 2003.

The total gaming revenue for the state reached $1.4 billion, marking an impressive 6.7% increase over July 2022. That amounted to $88 million in additional revenue compared to July last year.

The Las Vegas Strip took the lead in this surge, reporting a gaming revenue of $1.2 billion. This figure represented an 8% gain compared to July 2022’s $1.12 billion. In terms of the state, $1.4 billion exceeded the previous July 2021 record of $1.35 billion by $44.9 million.

Furthermore, the Las Vegas Strip also broke its record for gaming wins, with $834.9 million for the month, surpassing the prior record of $792.6 million set in July 2021. Michael Lawton, a senior economic analyst with the Nevada Gaming Control Board, attributed these record-breaking figures to slot wins.

Slots represent the state’s second-highest game- and table-win totals of all time. Lawton added that the favourable events calendar in July also pushed the state forward. He highlighted that baccarat revenue experienced a significant surge of 40.4% during the month.

Even local casinos witnessed substantial growth, with Deutsche Bank reporting a 6.1% increase compared to July 2022. Various regions in the Las Vegas area benefited from this positive trend.

Downtown Las Vegas saw a 9% rise to $65.3 million, while the Boulder Strip recorded a 9.1% increase to $79.4 million. Although North Las Vegas experienced a 2% decline in gaming revenue, the overall picture remains bright for the state.

Year-to-date gaming revenue has risen by 4.1% compared to 2022, with the Las Vegas Strip leading the way with a 6.5% increase. July marked the 29th consecutive month that Nevada’s gaming revenue exceeded $1 billion.

Notably, this month’s revenue exceeded July 2019 figures by 37%, showcasing the industry’s resilience following the pandemic. The stellar revenue performance in July was boosted by a bustling events calendar on the Las Vegas Strip, featuring high-profile events and performances that attracted significant visitors.

Slot revenue and table games played a vital role in this remarkable achievement, with baccarat emerging as a standout contributor to the record-breaking month. The baccarat segment on the Las

Vegas Strip saw a remarkable win increase, surging by $54.8 million or 40.4%.

However, despite this impressive win growth, the volume in baccarat experienced a slight decline of 0.9%, equivalent to $7 million. Notably, the baccarat hold percentage also witnessed a significant rise, reaching 24%, up from the 16.9% reported a year ago.

There was a noticeable uptick in wins for the slot machine segment, with an increase of 3.2%, amounting to $2.7 million. Slot coin-in, which reflects the total amount wagered on slot machines, reached a remarkable $1.5 billion.

This figure represented the highest total recorded since July 2006 and marked an increase of 2.4% or $34.6 million compared to July 2022. Impressively, the slot hold percentage remained relatively stable, indicating that luck was consistent in July.