Share
The accomplishments of Nevada’s gambling industry continue to accumulate. For 30 consecutive months, statewide gaming revenue has eclipsed at least $1 billion and the same revenue has set yet another individual month record.
The biggest areas of growth did not come from the Las Vegas Strip or Clark County, however. On the contrary, other parts of the state were more responsible for pushing Nevada’s gambling industry to a new August high.
Nevada casinos post new August revenue record
The latest release from the Nevada Gaming Control Board (NGCB) shows that August 2023 is now the standard for gaming revenue in the state for that specific month. It just squeaked out that new record, however, up by less than a percentage point over August 2022’s total.
The NGCB also pointed out that keeps the running total on the current fiscal year marginally up compared to the previous term as well. After Nevada’s July gaming revenue put that total up over 6% year-over-year, the rate of growth slowed to almost half of that margin through August.
Furthermore, results for the state weren’t as favorable in August 2023. The statewide tax haul for the month declined by almost 7% compared to August 2022.
Those numbers signal the current fiscal year may not end up a record-breaker in terms of gaming revenue. However, it could be Nevada’s strongest since FY2018-19.
If casinos in Elko and Washoe counties continue to improve upon their past numbers, that becomes even more likely.
Sparks, Wendover carry the torch in August
Looking at individual regions in the state shows how volatile revenue can be from one month to the next in the gambling industry. For example, North Lake Tahoe saw a 20.3% year-over-year improvement in July.
However, the same region experienced a 17.3% decline in an August comparison. This is an example of why comparing monthly revenue returns to each other in the gambling business is an apples-to-kiwis affair.
Among the champions of the comparison between August 2022 and August 2023 were Sparks and Wendover. Growth was not significant for either location individually, coming in at less than 5% in both cases.
Regardless, they posted the strongest annual improvements in the state for the month. Elko and Washoe counties also posted the best improvements out of the five greater regions that the NGCB designates in the state.
Those facts could change drastically next month. Whether Nevada casinos overall will post a new September record remains to be seen. For now, though, those casinos’ businesses are growing, even if the rate of growth has slowed.
