2023 Was A Banner Year For Las Vegas Casinos And Hotels

Written By Marc Meltzer on February 2, 2024
Opening Night Of The Sphere Las Vegas

Nevada had another stellar month of gaming revenue in December. According to the data from the Nevada Gaming Control Board, it was the 34th consecutive month of more than $1 billion of gaming revenue for the Silver State.

The American Gaming Association reported that Nevada casinos won 4.4% more in 2023 than the previous year. Vegas Strip casinos were up a whopping 11.2% in gaming revenue for the year.

By all accounts, business was good in Las Vegas in 2023. In addition to higher gaming revenue for the year, visitation was up, and the airport saw a record number of travelers last year.

2023 Las Vegas gaming revenue

December was a big month for Las Vegas casinos. Gaming revenue alone on the Vegas Strip was $1.1 billion. That was good for a 9.75% increase compared to 2022.

In December, downtown Las Vegas casinos saw a double-digit increase in gaming revenue compared to the year before. These casinos collected $905.4 million. This was an 11.2% increase from 2022.

Looking at the 2023 fiscal year (July 2023-Dec. 2023), Clark County gaming revenue was up 6.33% to $6.9 billion. The Vegas Strip outpaced the state for the fiscal year with an increase of 8.53% compared to the previous fiscal year.

The increase in gaming revenue for casinos on the Vegas Strip during the fiscal year was better than in any part of Clark County. Downtown Las Vegas casinos saw a more modest 2.6% increase compared to the previous fiscal year.

2023 Las Vegas visitation

Visitation to Las Vegas continues to rebound from the dip during the peak of the Covid-19 pandemic. In December 2023, visitation was up 2.7% from the previous year to 3.39 million.

According to the December 2023 estimates from the Las Vegas Convention and Visitors Authority (LVCVA), the number of visitors to Las Vegas was up 5.2% for the full calendar year. The LVCVA should release the official final data for the year in the next few weeks.

The increased number of visitors led to a higher occupancy rate for Las Vegas hotels. Last year the number of hotel rooms in Las Vegas occupied by guests was up 4.3% to 79.2%.

Even though the number of convention visitors increased by nearly 20% hotel rooms were mostly busy on days when visitors were on vacation. Weekend hotel room occupancy was 90.7%.

Between the increase in business travelers and weekend travelers, hotel room rates in Las Vegas rose last year. The average daily hotel room rate in 2023 was $170.98. That’s an increase of 11.9% from 2022.

Vegas Strip hotel room rates saw a larger increase in the touristy parts of Las Vegas. The average daily hotel room rate on the Vegas Strip was up 12.3% to $204.42. This was 12.3% higher than in 2022.

Downtown Las Vegas hotel room rates were up a more modest 5.3% from 2022 to $105.19.

For comparison hotel rooms on the Vegas Strip were almost $100 more per night than downtown.

Record-breaking year for Harry Reid International Airport

I don’t reference data from Harry Reid International Airport (LAS) often since it counts all passengers. Some of those passengers could simply be transferring airplanes on the way to another destination. However, it’s a close enough representation since we’re looking at year-end travel data.

LAS reported a new annual record number of passengers in 2023. The airport says 57.6 million passengers went through the airport.

This is the second consecutive record-breaking year for LAS. In 2022, LAS saw a then-record 52.6 million passengers.

Even though the number of international travelers increased last year, domestic led the way with a total of 53.3 million passengers from the US. Domestic passengers in 2023 accounted for more than the total in 2022.

LAS saw a record number of passengers in 11 of the 12 months in 2023. October was the busiest month in history with 5.3 million passengers.

This rounds out a solid year for Las Vegas casinos, hotels, and the airport. 2024 should get off to a strong start with Las Vegas hosting the Super Bowl and CES attendance closing in on pre-pandemic levels.

Photo by John Locher / AP Photo
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Marc Meltzer

Marc grew up on the mean streets of the South Bronx. He's the rare combination of Yankees and Jets fan which explains his often contrarian point of view. Marc is a freelance writer and social media consultant. Writing about steak, booze, gambling and Las Vegas is a tough job but somebody has to do it.

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