On Tuesday, the Nevada Gaming Control Board (NGCB) announced its financial results for December 2022 and full-year numbers.
Apart from Nevada casinos, the results also include gambling income from the state’s licensed:
- Pari-mutuel wagering on the live races
- Poker rooms
- Gaming terminals inside restaurants
Nevada gambling industry sets a new annual revenue record
With December’s performance, Nevada ended 2022 year in style with more than $14.8 billion in gaming revenue. Surpassing the state’s previous all-time best of $13.4 billion in 2021.
It is finally safe to say that the state’s gambling industry is back on track. It was after the last two years during which the state suffered from the pandemic-induced depression.
In an article by Forbes, Michael Lawton, a senior economic analyst at the Nevada Gaming Control Board, said:
“The year wasn’t a surprise, we knew we were going to set a record for a couple of months. It’s a great year in terms of comeback and showing the strength of our gaming-tourism industry.”
With $814 million in gaming revenue, the Las Vegas Strip set an all-time monthly best in December 2022. It was a 25% increase compared to December 2021.
Nevada casinos and sportsbooks are on the rise
Nevada’s gross gaming revenue in December surpassed $1.31 billion. It marked the 22nd month in a row that Nevada gaming revenue exceeded $1 billion. Nevada’s gaming revenue through November reached $13.5 billion, compared to $13.4 billion in 2022.
The Las Vegas Strip contributed to that success with more than $8.2 billion of the state’s total in the year. It was a 17.1% increase in comparison to its 2021 performance.
In December, players gambled almost $5.8 billion on slot machines, which was the most prosperous month in history. Slot machine win hit a whopping $803.5 million, while table games and sportsbooks won up to nearly $510.9 million.
Throughout the year, slot machines generated $10 billion in revenue across Nevada in 2022. Slot revenue represented 67.4% of the total gaming win, producing 9.8% of the total slot win with $3.59 billion.
With $4.83 billion, table games also set an annual revenue best, a 15.3% rise compared to 2021. In the meantime, sportsbooks generated $446.7 million in revenue on $8.7 billion in bets.
Constant gambling demand drives players to Vegas
Several factors drove Nevada’s gaming revenue record year.
Many effects helped drive visitors to Las Vegas. But one of the strongest factors was a constant gambling demand. Many tourists consistently choose to go to Vegas despite inflation.
According to the Las Vegas Convention and Visitors Authority’s report, almost 40 million people came to the city in 2022. That’s an increase of 20.5% since 2021.