Nevada’s Gaming Industry Hits a $1.31 Billion Record Revenue Level in October 2023
Nevada’s Gaming Control Board revealed that the state gambling industry generated more than $1.31 billion in gross gaming revenues in October 2023 to set another monthly gaming revenue record. As reported, the October revenue represents a 2.7 increase when compared to October 2022.
$1.31 Billion Record:
According to the Nevada Independent, the record hit in October stands for the sixth-highest single month revenue level. The Las Vegas neighboring gaming markets and Reno mainly contributed to the figure, with the Las Vegas Strip generating only $714.5 million. The prestigious gaming area still recorded an increase of 1.2 percent year-over-year mainly driven by the high-end baccarat $89.8 million revenue.
3.5% Ahead of 2022 Record:
Michael Lawton, the control board’s senior economic analyst, reportedly said that the Strip casinos experienced a decline in slot machine revenues and sports betting for a few months after more than two years of consecutive monthly increases. According to the source, Las Vegas markets saw a 5.7% increase in gaming revenues in October. Casinos on the Boulder Strip in Clark County (including Henderson) generated $88.6 million to see the gaming revenue increase of 10.3 percent in the same month. For the first ten months of 2023, Nevada’s gambling revenue level is already 3.5% higher than the 2022 record of $14.8 billion with the Strip recording a 5.4% total increase over the same period.
5.5 Million Travelers:
As the Nevada Independent reports, the record October revenues were also driven by an exceptional performance of the Harry Reid International Airport that reached a single-month record with almost 5.5 million travelers. For the first time since January 2020, the facility recorded more than 315,000 international travelers. Lawton reportedly said that “the incredible airport passenger totals include local passengers as well” with both international and local travelers boosted the gaming figures.
34.1 Million Visitors:
The record number of travelers resulted in the 87.7 % occupancy rate in Las Vegas to reflect the level from the same month of 2022. But the entertainment capital of the world hosted more than 34.1 million of visitors for ten months in 2023 to report a 5.8 % increase over the same period in 2022.
Las Vegas Convention and Visitors Authority Vice President Kevin Bagger reportedly said that the average daily hotel room rate of $233.22 and revenue per available room of $204.53 in October represent records for the Strip exceeding the previous ones set in March. As reported by the source, the occupancy rates were driven by Las Vegas Raiders home games and the performances of U2, Ed Sheeran, and Pink at the city stadiums.
Awaiting November Figures:
The revenue levels of $1.31 billion seen in October 2023 stands for the all-time October high thanks to the strong performance in Clark County and the Las Vegas Strip, as well as the record number of visitors and some exclusive sports and musical performances. As Las Vegas hosted the world-famous F1 championship in November, the revenue figures for November 2023 are reportedly highly anticipated.