Another Successful Year for Nevada Gaming
Another Successful Year for Nevada Gaming
Nevada casinos have already recouped 2021’s record gaming earnings as December winds down. December’s gaming profit is still being examined.
Gaming profit up:
Nevada’s 459 licensed casinos reported $13.5 billion in gaming winnings, 10.2% more than last year’s first 11 months.
Nevada casinos with 463 licences earned $13.4 billion in 2021.
Many Nevada cities don’t meet gaming winnings:
The November report was good news-bad news.
On Thursday, December 29, the Nevada Gaming Control Board revealed that fresh gaming winnings reached $1 billion for the 21st consecutive month.
Unfortunately, 17 of the 20 authorized iGaming markets evaluated by the Nevada Gaming Control Board had gaming wins below November 2021.
Only Sparks, South Lake Tahoe, and Wendover increased gaming profits from last year.
In an email, Michael Lawton, the Control Board’s senior economic analyst who studies gaming figures, said, “There’s a strong reason for numbers to go down from a year ago — November 2021 win totals were the third highest on record for the state and the Strip.
“November 2021 was particularly difficult for the state and the Strip with $1.3 billion and $755.1 million in total win respectively. But through November, every major state market is up calendar-year-to-date.”
Gaming profit issues:
Lawton warned against “tough comparison possibilities earlier this year when the state recorded 12 consecutive months of win in excess of $1 billion.”
“It would be hard to continue growth when so many months were at record or near-record levels,” he said.
2022 gaming profit records for Clark County:
However, the state, which has permitted Clark County and Las Vegas to entice customers to casinos with lavish entertainment and sporting events, has set a high bar to attract customers who come to casinos and play slots and table games.
In November, Elton John performed at Allegian Stadium, The Who performed at Park MGM, and Post Malone performed at T-Mobile Arena. Adele hosted the grand inauguration of her Strip residency at Caesars Palace on November 18th, Kevin Hart performed two shows at Resorts World Las Vegas on November 18th and 19th, and the Las Vegas Raiders played one home game in November against the Indianapolis Colts on November 13th.
The Specialty Equipment Market Association’s Automotive Aftermarket Week was another successful 2022 Las Vegas convention.
Nevada relies on Clark County, therefore while gaming profit levels across Nevada were down 7.6%, Clark County gaming profit levels were up 8.4% to $1.06 billion compared to November 2021. The Strip dropped 11,3% to $669.5 million from November 2021, whereas the Las Vegas center rose 0,1% to $82.8 million following a record $90.5 million in October 2022.
Clark County alone accounts for 87% of 2022 Nevada gaming profits.
Mr. Lawton stated, “Game and table win on the Strip was the biggest reason for this month’s fall with a 27% decline and volumes that decreased 23%.”
Slots boost winnings:
blackjack, baccarat, slots and sports betting have increased gaming profits across the state.
Slots earnings increased 1.3% to $871.1 million and coinage 1.9% to $11.6 billion from November 2021.
Table game winnings fell 24,2% to $349.8 million and losses fell 17,7% to $2.8 billion. Blackjack volume is down 18% and wins 23.1 percent.
Baccarat, a popular game, won $58.7 million, 37.7% less than last year. $507.8 million was down 31,3% from last year. In November, players had a casino hold rate of 11,6%, down from 12,8% last year.
The sportsbook made $37.7 million, down 47.7%, with a retention percentage of 4,1% compared to 6,6% last year. In November 2021, the sportsbook won $1.1 billion, the second-largest win of 2021!
Mobile apps accounted for 69.2% of sports betting and were worth $642.5 million, down 17.3% from a year earlier.
J.P. Morgan game industry analyst Joseph Greff told investors: “Gross gaming revenue levels in November were significantly above those in pre-pandemic 2019.
“Strip win was 29% ahead of 2019, locals play was 39% greater than that year and statewide it was up 30% from three years ago.”
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