Gaming revenue in Nevada might not contain 50 different shades of gray, but there are at least a few such shades. The numbers from brick-and-mortar casinos from across the state for March 2023 show it’s possible for a mixture of welcome and less-appealing news in the same document.
Nevada gaming activity again surpassed the billion-dollar mark in March. However, the state’s gaming industry revealed the closest thing to a vulnerability in quite some time during the same month.
Nevada casinos maintain billion-dollar streak
The latest numbers from the Nevada Gaming Control Board (NGCB) lay out the highlights and not so high lights. Casinos in the state compiled $1.3 billion in win for March 2023. First, the good news for Nevada’s more than 400 casino licensees:
- The total amounts to the second-highest ever for the month of March in any year
- Nevada casinos have won at least a billion dollars every month for the past 25 consecutive months
- Clark County’s casinos extended their own billion-dollar streak to 11 months
- Win from slots broke the single-month state record with $906.5 million of players’ money
Overall revenue was also up about 5.4% from February’s $1.2 billion in win. As a result, March was a solid month for the state as well. The Gaming Control Board says Nevada collected just over $97.3 million in privilege taxes during the month.
There are a few darker shades of gray in the report, though.
The less eye-popping numbers from March
There are facts that in a vacuum seem more negative than their context proves out. One fact from the NGCB’s March release is that compared to March 2022, last month’s numbers represent a slight decline of 3.1%. Furthermore, tax revenue for the state from March 2023 gaming activity was down 0.2%.
As Richard N. Velotta of the Las Vegas Review-Journal points out, however, it’s important to note the mitigating factors. March 2022’s total represented the best March the state has ever had. Thus – even reaching that height – much less surpassing it, would have been quite a feat.
Yet, Nevada casinos almost pulled it off regardless, collecting 96.8% of March 2022’s total. Among factors contributing to the near-record total was strong sports tourism in Las Vegas (men’s March Madness games playing the premier role) during the month. Velotta also mentions that a construction conference in Vegas played a role as well.
Putting March further into context reveals that no one needs to feel sorry for Nevada casinos after a slight year-over-year dip.
Even brighter shades of gray
Nevada online poker aside, with the report of March numbers for 2023, it’s possible to look upon the entire first quarter of the year in Nevada’s gaming industry. Simply put, interested parties probably see not gray but green.
Velotta says the three-month period was the best such time frame on record in the state’s history. Additionally, the NGCB mentions that for the current fiscal year, beginning on July 1, 2022, gaming revenue across Nevada is up almost 5%.
Upon future retrospection, the current fiscal year and the 2023 calendar year could prove to be record-smashing in Nevada. The present moment provides an opportunity to appreciate all the shades of gray.