Nevada gaming win exceeds $1 billion in October, dowtown Las Vegas hits $90.5 million record_1

The Nevada Gaming Control Board reported Tuesday that the state gaming industry revenue exceeded $1 billion in October, with downtown Las Vegas hitting a $90.5 million record. The 20th consecutive month with revenue reaching these levels generated $76.5 million of gambling tax, a 6.4 percent year-on-year increase.

Nevada gaming win exceeds $1 billion in October, dowtown Las Vegas hits $90.5 million record_1

$1.3 billion in revenue in October:

In October, a total of 437 licensed casinos in Nevada achieved $1.3 billion in revenue to mark a 4.8% increase from the same period last year. The highest gambling win was seen in Clark County as most of its population resides in the Las Vegas Census County Divisions. Indeed, 215 Clark County gaming locations won $1.1 billion, which is a 4.5% increase in comparison with the last year. Las Vegas Strip generated $705.8 million from 58 locations to achieve a 0.5 percent increase on a year-on-year basis.

Downtown Las Vegas hits $90.5 million record:

All locations exercised a great performance, but downtown Las Vegas exceeded expectations as its casinos scored a record win of $90.5 million. The October record surpassed the previous one set to $86.4 million in March.

Some locations were affected by the calendar moving event in other months, while previously set for October. Michael Lawton, the Control Board senior economic analyst, indicated the example of the Las Vegas Strip:

“The Las Vegas Strip was flat due to game and table win decreasing primarily due to lower baccarat win totals as a result of lower volumes and hold,” he said. “Additionally, poker was down significantly due to the World Series of Poker being held last October compared to June and July this year.”

Strip benefits from the calendar of events:

Although the Strip saw an increase of only 0.5% in October 2022 when compared to October 2021, the October 2022 record of $705.8 represents a 31.1% increase over the pre-pandemic October 2019. Lawton explained:  “The Strip continued to benefit from another incredibly strong sports and entertainment calendar, which included concerts, residencies, and three high-profile sporting events.”

Downtown Las Vegas benefited from the tight schedule of October events with some extraordinary rock’n’roll stars like Eddie Vedder and Van Morrison performing at the Park MGM. The thrill was additionally boosted by the NASCAR event and the Las Vegas Raiders playing two home games at Allegiant Stadium offering additional opportunities to bettors.

Sportsbooks performance:

As for Nevada sportsbooks, they won $56.9 million, up 17.7 percent compared with October 2021, according to Lawton. Sportsbook wagers totaled $920.8 million in October 2022, down 16.3 percent, or $179.2 million, compared with October 2021. Mobile wagers totaled $613.5 million, down 12.9 percent, or $90.7 million on a y-o-y basis to represent 66.6 percent of total wagers.

Overall, the gaming win in Nevada has been rising for 20 months in a row with downtown Las Vegas hitting a record of $90.5 million in revenue.

 $76.4 million paid in general fund:

Gaming win achieved in Nevada in October 2022 is beneficial for the community and the state as the percentage of the revenue from a total of 435 licensed casinos is paid in the general fund through gaming taxes. It means that the total revenue of $1.3 billion generated $76.4 million for the general fund, whereas the collected amount marks a 6.4 percent year-over-year increase.  The state has collected  $406.1 million for the general fund from July through November 28, which is a 0.6 percent decline compared to last year.