January 11, 2023
With only 11 months reported for the year so far, the state of Nevada was still able to set a new all time gambling revenue record. The casinos there have collectively brought in $13.5 billion in 2022, which represents a gain of more than 10% from the year before.
The month of November helped, as it market yet another with revenues of over $1.2 billion. That market the 21st consecutive month of recorded billion dollar revenue. However, even though the numbers in the state were up as a whole, it was not all good news.
Every major market in the state had been reporting higher than normal numbers through the first 10 months of 2022. But in November, 17 of the states 20 markets that are studied by the Control Board fell below the posted numbers from November of 2021.
Across Nevada it was slot machines that contributed the most to the gambling revenue record, with a win of over $870 million. But there were notable declines for table games, including blackjack and baccarat. Sports betting also fell, generating less than $40 million, which is a decline of over 47%.
Part of the reason for the continued gambling revenue record run could be attendance at conventions in Las Vegas. Over 580,000 visitors were in Sin City in November, a 45% jump from the year before. That translated to a hotel occupancy rate of more than 80%, which was nearly a 4% increase from November of 2021.