The Nevada Gaming Control Board (NGCB) recently disclosed that Southern Nevada’s casinos won big in July as they raked in $1.4 billion, setting a new monthly record. The state has 439 legal gaming properties whose revenue last month was 6.7 percent higher than that in 2022 when only 453 casinos operated.
More About July Profits
Clark County gaming operators generated $1.2 billion out of which $834.9 million was from Las Vegas casinos. Still, this was a new record for the Strip’s gaming revenue record. Slot machines and baccarat earned casinos significant revenue.
Michael Lawton, the NGCB’s Senior Economic Analyst stated that slot wins played a key role in the new monthly record. Slot games earned the operators the third-highest revenue and the Strip’s second-highest.
Baccarat performed well due to increased hold. Lawton disclosed that its total was the second-highest and table games had an all-time high revenue for the Vegas Strip and Nevada. The combined totals result in an all-time high profit record for the state and Strip.
Even so, the state’s profit was higher than its pre-pandemic levels. Statistics indicate that July 2023 revenue was 37 percent higher than that of July 2019. Moreover, July was the state’s 29th consecutive month to exceed the $1 billion a month profit mark.
Casinos from other states in the country also reaped big in July. The American Gaming Association (AGA) announced that the national gaming industry generated $16 billion in Q2 2023, which was 8.1 percent higher than that of Q2 2022. Thus, this was its second-best quarter as the best quarter is Q1 2023.
Nevada’s Tax Revenue in July
The state’s general fund largely benefited from July’s record-breaking revenue. The latest report indicates that casinos paid $95.8 million in percentage fees, a 5.9 percent increase from 2022 fees.
Also, Nevada earned $176.9 million in gaming tax income in the 2023/2024 fiscal year’s first two months which was 5.4 percent more than the same period in the last year.
The High Number of Tourists Boosted Gaming Earnings
Lawton said that the Strip’s calendar was action-packed as many tourists occupied hotel rooms in a four-day weekend and the Independence Day in July. The region also hosted the following events:
- Garth Brooks’ Plus One residency at Caesars Palace’s Colosseum from July 6 to July 23
- Usher’s residency at Park MGM’s Dolby Live between July 1 and July 15
- The Mexico vs Jamaica CONCACAF Gold Cup semifinal on July 12 at Allegiant Stadium
- T-Mobile’s UFC 290 at July 8
- Manchester United vs Borussia Dortmund’s soccer game at Allegiant Stadium during USA Tour 2023
The casino’s revenue from baccarat reduced gradually but players’ losses increased. The NGCB showed that baccarat generated $193.3 million, 40 percent higher than in 2022 and the sixth-highest record. Nevertheless, gamblers invested 1.4 percent less money, equivalent to $822.1 million on the game in July and it had a 23.52 percent hold.
