The Nevada gambling industry reportedly generated gross revenues of over $1 billion in June 2023 for the 28th month in a row. However, the state industry also recorded the third month of declining revenues in the last four months of the financial year 2022 to testify about the announced difficulties to keep pace with the historic levels seen earlier this year, as Las Vegas Review-Journal (LVRJ) reports.
Monthly Revenues Exceeding $1 Billion:
According to the source, the Nevada Gaming Control Board has recently reported that Clark County still generated over $1 billion in revenues alone in June. Though, the $1.07 billion level was reportedly 3.5 % lower on a month-over-month basis. Likewise, the Board also reported that the overall rev lol646 enues generated in the state in June 2023 were down 2.4 % to settle at $1.25 billion. As reported, Las Vegas Strip generated $727.3 million while downtown Las Vegas won 62.5 million to record a decline of 1% and, respectively, 10.4%.
Challenging Results:
The trend is reportedly in line with the forecast of the Control Board analyses which announced that the Nevada gambling industry will face challenges to reach record revenues experienced earlier this year. The strong earlier period seems to have contributed to the Strip totals for the first six months to reportedly grow 6.2 percent in comparison with the same period of 2022. According to LVRJ, such a period also supported the 4.8 % win increase to $8.53 billion on the Strip by the end of the 2022-2023 fiscal year.
The patterns are reportedly similar across the 20 markets in the state but only six of these experienced revenue declines during the fiscal year that ended on June 30, 2023. As for Clark County, only the Boulder Strip market saw a 1.5% revenue decline over the given period, according to the source.
Revenue Decline:
Michael Lawton, senior economic analyst for the Control Board, reportedly said: “The state has now recorded decreases in three of the last four months. However, Nevada continued to record gaming win amounts in excess of pre-pandemic levels this month. Statewide total win was 19.7 percent or $204.9 million over June 2019. This month also represented the 28th consecutive month that the state has recorded $1 billion in monthly gaming win.”
Las Vegas Events Drawing Players:
As LVRJ reports, a series of special events increased visits to Las Vegas casinos. Gaming industry analyst John DeCree reportedly said that ”the presence of World Series of Poker boosted poker play across Southern Nevada,” while the events like the successful Las Vegas Golden Knights hokey championship run or the concerts of Adele at Caesars Palace attracted players to Las Vegas casinos.
Casino Game Results:
As for casino game play, the month of June was reportedly a ”mixed bag” both by game category and geographically. On the Strip, the slot revenues increased 3.9 percent, coin-in increased 12.5 percent. As reported, baccarat revenues recorded a 29.2 % decline, while blackjack win was up 22.4 %. In downtown Las Vegas, slot win reportedly fell by 10.3 %, while coin-in climbed 1.9%. According to LVRJ, game and table revenues were 10.8 % lower than the same period last year to reflect the forecast of the Control Board analysts.
