Casinos in Nevada decided to finish last year strong in terms of accumulated profits, achieving a record win for the 3rd year in a row.
The best single year on record:
On January 31, the Nevada Gaming Control Board (NGCB) officially revealed that gaming income across the state managed to reach $15.5 billion in the previous year, the “best single year on record.” In addition, gaming earnings records has been unveiled statewide, involving parts of Washoe and Clark County. Beside these two, records were also established in Wendover and Elko County among other regions.
Those primarily responsible for the rise in income were the continued demand for gaming and the many special events held in the said state during the duration of 2023, the NGCB revealed. Relatedly, a large number of gaming earnings records were at the top in the former year.
Furthermore, casinos in Nevada managed to officially break “all-time” gaming earnings records per month for 9 out of 12 months of 2023, according to senior economic analyst at the Nevada Gaming Control Board (NGCB) Michael Lawton. He added that the “top 3 months of all time” were December, November and July.
In this sense, gaming earnings in December reached $1.43 billion, which represents a growth of 9% compared to the same period two years ago, aka in 2022, when earnings amounted to $1.31bln.
On an annualized basis, gaming income rose 4.6% in the former year compared to 2022, bringing an extra $679.3 million to Silver State’s casinos. Also, the Las Vegas Strip is responsible for 90.3% of this increase.
As for the former 2 years, they have also been very good in terms of income collected, with 2022 generating $14.8 billion for the said Nevada casinos. This data represents a growth of 10.5% compared to $13.4 billion, which is the yearly record of 2021. Commenting on this, Lawton said that when you compare this revenue data with the data from 2019, you can clearly see that total yearly gaming earnings rose by 29% in the previous year.
Detailed 2023 revenue data for Washoe County:
When it comes to specific details regarding 2023 income, there is Washoe County which experienced an 8.9% drop throughout the 1Q. The primary reason for this was the effect of inclement weather, according to the Reno Gazette Journal.
Relatedly, after the cold season, casinos in the said county risen their gaming income for the second, third and fourth quarters of 2023. However, the yearly gaming income in the county slightly decreased, which means by 0.2% for the same year. But casinos in the area grossed $1.04bln for the whole year.
Furthermore, this is the 3rd year in a row that the said county has topped $1bln in yearly gaming income. Before 2021, casinos there have failed to reach $1 billion or more in income since 2007.
Although the county hasn’t been booming when it come to gaming earnings, that hasn’t stopped some sub-markets from seeing positive results for the past year.
As for Sparks casinos, they also revealed a record levels of gambling income for 2023, said Lawton. They revealed that they managed to earn roughly $15.2m in gaming income for the last month of 2023, a growth of 5.75% compared to 2022’s $14.3m.