Nevada casino revenues soar again to retain state honor

Article by : Charles Perrin Feb 2, 2024

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Nevada casinos continue to flourish, with a fresh revenue record set for 2023.

Indeed, brick-and-mortar locations in Nevada are coming off the back of an incredible 12 months, with the Nevada Gaming Control Board (NGCB) revealing the state took more than $15.5 billion off gamblers.

The 2023 gross gaming revenue figure (GGR) saw the annual win amount balloon by 4.6% from 2022, and it was the third straight year Nevada casinos reported a GGR high.

Broken down, state casinos claimed nearly $10.3 billion off gamblers using slot machines, while table games contributed $5.2 billion.

The slot haul indicated a 2.3% uptick year-on-year, while the felt saw income soar by over 8%.

Discussing the impact of the astonishing returns for casinos, Michael Lawton, senior economist for the NGCB, said: “Nevada’s record gaming win can be attributed to several factors, including multiple signature special events which occurred throughout the year and steady demand for gaming-related activities by resilient customers whose behavior has remained consistent in the face of several challenges, which included inflation and rising interest rates.

“Nevada has continued to benefit from the surging demand for leisure travel domestically and internationally.”

Yes, Nevada is an undisputed gaming hub, and the state made huge revenue gains in November as gamblers flocked to the Strip for the Las Vegas Grand Prix.

Next weekend, Vegas will be in the spotlight again for the Super Bowl, and that blue-riband event could be a massive boon for casinos.

Apart from the impressive annual record revenues posted, Nevada casinos are bouncing after a stunning December.

GGR surged to $1.43 billion, reflecting an unprecedented 9% year-over-year jump, and it was officially the best-ever December for the Nevada gambling industry.

Moreover, Nevada saw two new casinos open in December — The Fontainebleau and the Red Rock Resorts.

To put the revenues into a wider context, Nevada retained the honor of being the US’ richest gambling state.

The $15.5 billion figure announced left its closest challengers trailing in its wake, with New Jersey posting $5.8 billion, while Pennsylvania rounded off the top three punching $5.7 billion in GGR.

Nevada never stands still in a constantly evolving gambling landscape, and who knows what lies in store in 2024?