The Nevada Gaming Control Board (NGCB) has released its latest revenue report showing that casinos across Nevada collected almost $1.32 billion in revenue for the month of July.
The latest figures mark an increase of 3.1% from June’s $1.28 billion. However, revenues dropped by 3.2% year-on-year. July was also the 17th consecutive month that gaming revenue topped $1 billion in Nevada.
The overall July 2022 figure was the Silver State’s fourth-highest all-time total.
Wagering on slot machines and table games combined came to $15.1 billion while baccarat revenue dropped by 13.4% to $138 million. This was despite wagers increasing by 3.1% to $833.7 million. Casinos held just short of 16.6% a significant drop on the 19.7% recorded a year ago.
Speaking of the latest figures, Michael Lawton, the control board’s senior economic analyst, said:
“Demand for gaming still remains strong. Customers continue to display resiliency and leisure travel continues to benefit from a very jam-packed event calendar.”
Casinos on the Las Vegas Strip recorded their second highest single month of revenue with a combined $773.4 million. This was a 2.4% drop on the previous record of $792.6 million which was set in the month of June. Meanwhile, revenue in downtown Las Vegas casinos came to $60 million, a drop of 15.64% year-on-year.
Clark County accounted for $1.23 billion of Nevada’s overall total. This was the 10th time in the last 17 months that the county reported at least $1 billion in gaming revenue.
Las Vegas welcomed almost 3.5 million visitors during July. This was the highest number of visitors in a single month since March 2020 and a 5.7% increase year-on-year. However, it was still 5.3% lower than 2019.
Sports betting slows down
Revenue at sportsbooks dropped by 51.3% year-on-year. This is primarily due to the rescheduled NBA and NHL seasons in 2021. Despite this, wagers increased by 2.3% year-on-year to $418.4 million but dropped by 14.6% compared to June.
Nevada Sportsbooks reported combined revenue of $16.2 million as hold dropped from 8.1% in 2021 to just 3.9% in July 2022.
Wagers made through mobile sports betting apps accounted for 65.2% of total wagers made during July.
A record calendar year
The state reported a record fiscal year at the end of June with revenues of $14.6 billion. According to the latest figures, Nevada is now 15.6% ahead of 2021 record calendar year with five months of 2022 remaining.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.