Posted on: March 1, 2023, 07:57h.
Last updated on: March 1, 2023, 07:57h.
Nevada casinos won just shy of $1.3 billion in January, an 18% year-over-year improvement on January 2022 that kicked off a record-setting year for the Silver State’s gaming industry. January 2023 was also the 23rd month in a row where statewide gaming eclipsed $1 billion.
The Las Vegas Strip continued the rally, with gross gaming revenue (GGR) of more than $713.2 million. The GGR incurred on the main drag represented a nearly 26% year-over-year increase. The Las Vegas Review-Journal reported that the Strip’s $713.2 million haul was its third-best month on record.
The robust action didn’t end there, as other metered markets also reported strong Januarys.
Downtown Las Vegas casinos won $84.9 million — also that market’s third-best month on record. The Fremont Street properties saw GGR surge by more than a quarter from January 2022.
Boulder Strip casino revenue climbed 13% to $96.4 million — the fourth-highest GGR month there — while North Las Vegas won $24 million, an 8% bump.
Clark County as a whole reported January casino revenue of nearly $1.13 billion, a nearly 22% expansion. The county-wide surge relays that leisure and business travel segments, as well as the locals market, are as healthy as ever.
Gamblers in Nevada lost $847.5 million playing slot machines in January, and $375 million on the felt. Sports bettors lost $50.4 million of their wagers.
Favorable Comparable
Southern Nevada benefited in January 2023 from an array of favorable conditions.
2022 ended on a Saturday, meaning New Year’s Eve and New Year’s Day were exceptionally strong in and around the Strip with holiday revelers. The Las Vegas Raiders also played two home games at Allegiant Stadium in January 2023 against only one game during the previous January.
Three major conventions in Las Vegas also returned to nearly full strength for the first time since the pandemic. CES brought 115,000 attendees to the consumer electronics showcase, World of Concrete counted 75,000 patrons, and the SHOT (Shooting, Hunting, and Outdoor Trade) Show reported attendance of more than 52,000 industry professionals.
The trade shows returned to the Las Vegas Convention Center in January with much higher anticipated attendance this year compared to last year,” commented Michael Lawton, the senior economic analyst for the Nevada Gaming Control Board (NGCB).
The Las Vegas Convention and Visitors Authority (LVCVA) said January 2023’s visitor count was about 3.27 million people. While that’s 4% shy of January 2019, January 2023 was 32% better than last year.
Northern Nevada wasn’t dealt such a strong hand, as bad weather was cited for a 13% year-over-year revenue loss in Washoe County. The market home to Reno reported GGR of $74.3 million.
Casinos in Elko County, home to Wendover, won more than $32.7 million — a 3% premium. South Lake Tahoe revenue climbed about 2% to $17.4 million and Carson Valley 8% to $10.1 million.
Cooldown Ahead
Lawton curbed a bit of the 2023 kickoff enthusiasm by noting that January and February present the best comparables this year, meaning in the months ahead, the year-over-year percentages might contract.
“January and February of 2022 represent the softest comparisons the Strip will be facing for the rest of the year,” Lawton explained.
The Strip, of course, is the most important market to the overall health of the Nevada gaming industry.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
