In any competition, there’s barely edging out the crowd and then there’s leaving no doubt about who is superior. The current fiscal year might accomplish the latter in terms of gaming revenue at Nevada casinos.
Nevada casinos are not only on pace to set a new revenue record for a fiscal year in the current term but they are nearing doing so by a significant margin. Should they reach such a number, the casinos on the Las Vegas Strip might be the MVPs.
Nevada casinos maintain billion dollar revenue streak
November’s gaming revenue total kept multiple streaks alive for casinos in Nevada. On a broad scale, November 2023 brings the statewide gaming revenue streak of at least $1 billion to 33 consecutive months.
In addition, November was the fifth straight month in which the gaming revenue total represented a new record for those individual months of the year. According to a press release from the Nevada Gaming Control Board (NGCB), November 2023 was up slightly compared to the old record of November 2021.
Due to that streak, the gains that Nevada casinos have seen during the current fiscal year are getting closer to statistical significance. Among the reasons for that fact is the performance of sportsbooks during November 2023. They improved upon their November 2022 win by about 8.1% in November 2023.
While other regions of the state more than pulled their weight to record the new November high, the Strip outpaced all of them.
Las Vegas Strip sees gaming revenue climb in November
During November 2023, three of the NGCB’s 15 regions saw significant year-over-year growth in terms of gaming revenue. Those three didn’t all record the same rate of growth, however. There was a clear winner in that regard.
- Elko County outside of Wendover — 5% increase from November 2022
- Carson Valley Area — 9.2% increase from November 2022
- Las Vegas Strip — 22.6% increase from November 2022
Over the current fiscal year, the Strip is the only region that has recorded a significant revenue increase of over 7.9%. With seven months left in the term, it looks like if Nevada casinos do record a new revenue record for a fiscal year, the Las Vegas Strip will play the biggest role.
Still up in the air is whether that record will be by a nose or whether FY2023-24 will be looking back at previous terms as it races to a new record. With more months like November, the margin could be wide.