The latest monthly revenue report from the Nevada Gaming Control Board has revealed that the state’s casinos reported winning revenue of over $1.6 billion for the month of September. The latest figures mark the seventh month in a row that Nevada casinos have topped $1 billion in winning revenue.
September saw a 41% increase on winning revenue from the same period in 2021 although casinos at that time were operating under some restrictions due to the global pandemic.
Las Vegas Strip casinos reported an 80% increase compared to September 2020 with a combined win of $640 million while the entire Clark County area reported over $1 billion. This was an increase of just over 10% from the same period in 2019 prior to pandemic-related restrictions being imposed on casinos.
Casinos in Reno reported an increase of around 10% year-on-year as they generated just over $62.7 million in revenue for the month. Meanwhile South Lake Tahoe casinos reported revenues of $5.6 million for September, a significant drop from the $24.8 million reported in the same period in 2020. However, this drop was due to the mass evacuations of the area due to wildfires that decimated the region from late August into early September.
Nevada’s licensed sportsbooks enjoyed a successful month as operators reported a 37% increase in handle from the same period in 2020. Sportsbooks accepted just over $787 million in wagers throughout the month with 63% of that figure ($495 million) coming through mobile sports betting apps. This was still some way short of New Jersey’s record-breaking handle of over $1 billion for the same month.
The success of Las Vegas casinos and sportsbooks is likely attributed to a hotel occupancy of 73% as reported by the Las Vegas Visitors and Convention Authority. This was a 0.2% increase from the previous month.
Overall, the state collected $72,916,279 in percentage fees for the month representing a 7.50% (or $5,089,820) increase compared to September 2020. This brings the 2022 FYTD total to $336,829,091 over $30 million more than the same period in the previous financial year.
Speaking of the month’s revenues to the local press, Michael Lawton, senior economic analyst for the Control Board said:
“Strong demand across markets, the continued rebound of leisure travel and the return of special events and entertainment continued to propel gaming win past 2019 levels.”
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.
