The latest revenue report from the Nevada Gaming Control Board has revealed that the state’s licensed gambling operators combined to generate $1.28 billion in revenue during the month of June.
2022 set a new state record for highest revenue total in a fiscal year at $14.6 billion
The latest figures represent a jump of 22.7% from pre-pandemic 2019 levels and an increase of 8.1% year-on-year. June was also the 16th consecutive month that gaming revenue topped $1 billion in the Silver State. June 2022 also saw the highest revenue total ever recorded for the month of June.
A significant jump in tourist numbers and visitors to the Las Vegas Strip is believed to be the primary driver of revenue for June. According to the Las Vegas Convention and Visitors Authority’s latest report, there were 3.3 million tourists who came to Las Vegas during the month. This was up by nearly 12% year-on-year, but still 7.8% fewer than in June 2019. Hotel occupancy was at 82.7% in June, a drop of 9% when compared to pre-pandemic levels.
Despite impressive visitor numbers, June was the third consecutive month that gaming revenue dropped in every market except for the Las Vegas Strip. Gaming revenue in all markets aside from the Strip was down by 7.5% year-on-year.
Meanwhile, the Strip reported $734.8 million in combined revenue. This was a jump of 23% year-on-year and 19% higher than June 2019. The was mostly driven by baccarat which saw revenue of $141.1 million, an increase of 258.8% year-on-year. Strip casinos held 22.1% of all baccarat wagers, compared with a 6.4% in 2021. Slot revenue on the Strip was $380.3 million, a 4.6% increase compared to 2021.
Sports betting declines
June saw Nevada sportsbooks experience their first drop in wagering activity in nine months as sports bets totaled $490.3 million. This was down by 10.1% from June 2021.
67% of all sports wagers came through mobile sports betting apps as online sportsbooks reported accepting $329.7 million in June. This resulted in combined revenue of $23.8 million, a drop of 18.3% compared with a year ago.
A record fiscal year
The fiscal year ended in June with a yearly gambling revenue total of $14.6 billion. This is a state record for a fiscal year and 37% higher than 2019. The previous record was 2007 when a total of $12.7 billion was reported.