Nevada’s casinos continue to thrive, marking their 19th consecutive month with over $1 billion in gaming revenue in September. The state’s gaming industry reported a remarkable $1.24 billion in revenue, representing a significant 7.87 percent increase compared to the same period last year. The famed Las Vegas Strip played a significant role, contributing more than 55 percent of the state’s total gaming revenue. Additionally, Nevada’s sportsbooks witnessed a surge in revenue, recording their second-highest earnings of all time in September. As the state’s gaming sector maintains its upward trajectory, let’s delve into the details of the recent success.
Nevada Casinos’ Resilient Performance:
Despite challenges posed by the pandemic, Nevada’s casinos have demonstrated remarkable resilience, consistently surpassing the $1 billion gaming revenue mark for 19 consecutive months. The state’s gaming industry reported a total of $1.24 billion in September 2022, showcasing a robust 7.87 percent year-on-year increase. The remarkable growth indicates a strong rebound and sustained interest in casino gaming among visitors and locals alike.
Las Vegas Strip’s Dominance:
The iconic Las Vegas Strip remains the beating heart of Nevada’s gaming industry, contributing over 55 percent of the state’s total gaming revenue. Within Clark County, which includes Las Vegas, gaming revenue reached an impressive $1 billion, marking a 5.5 percent increase compared to the prior-year period. Notably, Las Vegas Strip revenue saw an 8.2 percent year-on-year surge, reaching $692.9 million in September. Downtown Las Vegas and North Las Vegas also reported growth, generating revenues of $74 million and $23 million, respectively.
Regional Success:
Beyond the Las Vegas Strip, other regions in Nevada also reported impressive revenue growth. Washoe County, encompassing casinos in Reno, Sparks, and North Lake Tahoe, experienced a notable 9.6 percent year-on-year increase in gaming revenue. The South Lake Tahoe region witnessed a staggering 394 percent growth, signaling a resurgence of interest in gaming and tourism in the area.
Sportsbooks’ Triumph:
Nevada’s sportsbooks enjoyed a triumphant month in September, recording their second-highest revenue of all time. With a remarkable $70.6 million in earnings, the sports betting sector experienced a significant 30.2 percent surge from the previous year. Sports wagers totaled $760.8 million, with mobile sports wagering accounting for 64.6 percent of all bets. The sportsbooks held 9.3 percent of all wagers, reflecting an increase from 6.9 percent recorded in September 2021.
Positive Tax Revenue:
In October, Nevada collected $80.3 million in percentage fees based on taxable revenues generated in September. Although this represents a 10.1 percent decline compared to the same period last year, it still indicates a positive flow of tax revenue for the state.
Nevada’s gaming industry continues to impress, recording a robust $1.24 billion in gaming revenue in September. The Las Vegas Strip remains a powerhouse, contributing over 55 percent of the state’s total gaming revenue. Meanwhile, regional areas like Washoe County and South Lake Tahoe also witnessed significant growth. In addition, the sports betting sector celebrated record-breaking revenue in September, highlighting the enduring popularity of sports wagering in the state. As Nevada’s casinos and sportsbooks maintain their momentum, the future looks promising for the Silver State’s gaming industry.