Nevada casinos probably aren’t yet fully content with their gaming revenues but there continues to be a lot to like about the numbers they are putting up. For starters, there’s the streak of 27 consecutive months of at least a billion dollars in such revenue.
May kept that streak going as casinos in the state collected a sum just under $1.3 billion in gaming revenues. While there are some marginal declines associated with that total, the bigger picture is overwhelmingly positive.
Nevada casinos keep up momentum in May
According to the latest report from the Nevada Gaming Control Board (NGCB), the state’s casinos were about $11 million short of $1.3 billion in gaming revenue in May. That $11 million difference might seem substantial in a vacuum but in context, it’s negligible.
That is essentially the difference between the statewide casino win for May 2023 and May 2022. In that comparison, that difference works out to less than nine-tenths of a percent. To put May’s gaming revenue into further context, it’s an improvement of 10.1% from April Nevada casino revenue.
In addition, the total keeps Nevada casinos on pace to post a strong fiscal year. For the NGCB, such terms begin in July and end in June. With just one month to go in the current term, it looks like the gambling industry in the state is as strong as ever.
Preparing to close the book on the 2022-23 fiscal year
For the best view of Nevada casinos in terms of their win from gaming activity, a comparison to the most recent fiscal year that ended before the COVID-19 pandemic began is ideal. That was the 2018-19 fiscal year.
Overall, the current fiscal year has seen substantial growth in comparison. That has waned a bit from one month to the next, however. The last three months are an example of that:
- March: Up 22% compared to 2019
- April: Up 19.3% compared to 2019
- May: Up 23.9% compared to 2019
A further question involves whether casinos in Nevada are still recovering from the pandemic or whether that recovery is over and the casinos are simply establishing what is a new normal for themselves.
Other questions come into play in that evaluation. That includes how growth in the current fiscal year compares to the previous one. The most recent data, again from the past three months, suggest that casinos might be coming out of a period of “punching above their weight” due to casino patrons being eager to sew their pandemic oats.
Both March 2022 and May 2022 saw greater increases compared to those same months in 2019. At the same time, April 2023 was an outlier and growth was higher in May of this year than March. After June numbers are in, regardless, the current fiscal year should be the strongest of the decade so far.
The question of pandemic recovery versus organic growth will decide whether the next fiscal year will take its place. Nevada casino operators are likely indifferent to what is fueling the growth as long as it continues.