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The 2023-24 fiscal year is now the most lucrative such period ever for Nevada casinos in terms of how much money they collected from players during the term. While that’s a significant development, the difference between the new record and the previous standard is marginal.
That small amount of growth might suggest that the state’s gaming facilities are soon to hit a ceiling, albeit an enviable one. A deeper look at the annual period’s numbers strengthens the argument that action is necessary to return to substantial gains.
Nevada casinos keep streaks alive
According to a release from the Nevada Gaming Control Board (NGCB), casino gaming win for the state’s licensees topped $1.2 billion in June 2024. The total represents a slight increase compared to June 2023 Nevada casino win and is thus the new state record for this calculation for June.
June extends that streak of new monthly win totals surpassing previous records for the same month in prior years. It also brings the series of months with at least a billion dollars in win in Nevada to 40.
The small amount of growth for Nevada’s casinos in the fiscal year that just ended is proof that the gaming industry in the state is healthy. It’s becoming more difficult to say it is still expanding rapidly, though.
And while you can’t play online casino in Nevada, there are options for online gambling. Online sports betting, once you register in-person in a casino, and Nevada online poker are available to gamblers.
Closer look at the 2023-24 fiscal year for Nevada casinos
In terms of significant year-over-year growth for the recently concluded fiscal year, none of the NGCB’s six regions achieved that metric. Additionally, only two of the 13 subregions got there.
Those outliers were downtown Las Vegas and the balance of Clark County outside the other six subregions. The respective annual increases there were just over 6% and almost 7.4%.
All other areas in the state either saw marginal gains or slight losses compared to FY2022-23. Landing within a few percentage points of that period’s win totals is certainly no reason to panic for the operators of these casinos.
At the same time, those licensees have adjustments to make if they want to drive consistent significant gains across the state. These numbers developing into trends could affect the state’s tax revenue.
Casino operators’ current challenges
The gaming industry in Nevada is not resting on its laurels. Projects are underway, like the replacement of the Tropicana and the renovation of the former Mirage to a new Hard Rock.
However, renovated casinos and properties changing hands are nothing new in the state. Such developments have merely been part of the story of what has brought Nevada casinos to this point.
Regardless, June was an example of what could happen if marginal losses in gaming revenue persist. Nevada’s share of that win was just over $66.7 million, down more than 20.4% compared to June 2023.
The stagnation might also be at least partially attributable to economic factors like consumer confidence losses due to inflation. To whatever degree that is a legitimate concern, Nevada’s gambling sector has mostly faced that challenge successfully.
