Nevada’s thriving gaming industry continues to demonstrate its resilience, marking an impressive 17th consecutive month of surpassing $1 billion in gaming revenue. Despite a slight year-on-year decline of 3.2%, the state collected an impressive $1.31 billion in gaming revenue for July, a remarkable 28.4% surge when compared to pre-pandemic figures in July 2019.
Statewide Gaming Revenue Highlights:
July saw Nevada’s casinos maintain their impressive streak, generating a total of $1.31 billion in gaming revenue. While this represents a marginal decrease of 3.2% compared to the same period last year, it remains a notable achievement given the challenges posed by the pandemic.
Regional Revenue Analysis:
Clark County emerged as the primary revenue generator, contributing $1.12 billion to the state’s gaming revenue. Despite a 3% decline from the previous year’s figures of $1.16 billion, the county remains a stronghold in the industry. Within Clark County, the renowned Las Vegas Strip reported revenues of $773.3 million, experiencing a 3% year-on-year dip.
Downtown and North Las Vegas, though experiencing declines of 16% and 4% respectively, contributed $60 million and $24.5 million in gaming revenue. These figures reflect the ongoing efforts to attract visitors back to these areas after the pandemic disruptions.
Washoe County, housing casinos in Reno, Sparks, and North Lake Tahoe, witnessed a 5% decrease in gaming revenue compared to the previous year. Similarly, South Lake Tahoe recorded a modest 1.3% dip in revenue.
Percentage Fee Collections:
In August, the state collected $90.3 million in percentage fees based on taxable revenues generated in July. While this figure represents a 7% decline from the previous year’s collections of $97.7 million, it still highlights the significant contributions of the gaming industry to the state’s revenue stream.
Sports Betting Performance:
Nevada’s sportsbooks experienced a monthly low in 2022, posting a handle of $419.4 million, down 51.3% from the previous year. However, despite the challenging year-on-year comparison, the state’s sports betting revenue for the seven-month period reached an impressive $14.6 billion, showcasing a notable 29.6% increase from the same period in 2021.
Nevada’s gaming industry continues to demonstrate its resilience and economic significance as it achieves an impressive 17 consecutive months surpassing $1 billion in gaming revenue. While certain regions experienced marginal declines, the state’s overall performance remains commendable, especially when compared to pre-pandemic figures. Additionally, sports betting, despite facing challenges in 2022, has shown remarkable growth throughout the year. As Nevada’s gaming sector continues to evolve, it remains a pivotal contributor to the state’s revenue streams and a prominent player in the nation’s gaming landscape.