A recent report from the Nevada Gaming Control Board (NGCB) shows that Nevada's casinos raked in $1.29 in revenue in May 2023. Yet, Clark County largely benefited from Las Vegas's commendable performance as it made $1.1 billion. Even so, the state's gaming revenue in May 2023 was 1 percent less than in May 2022.
Michael Lawton, the NGCB's senior economic analyst stated that the revenue results might change soon. He added that Nevada has witnessed a decline in gaming revenue in the past three months. So, each month's results will be compared against that specific month's highest monthly total.
Alternatively, it can be reviewed against that month's second-highest total. Besides, the analyst admitted that the monthly results' comparisons will be the toughest that Nevada has ever had.
How the Mixed Gaming Market Performed
Nevada has 20 gaming markets whose mixed results cause the comparison difficulties that Lawton highlighted. Seven markets posted better year-on-year results while 13 markets performed dismally.
Review-Journal (RJ) reported that North Las Vegas recorded the worst results as its revenue declined by 6.6 percent to $24.2 million compared to its May 2022 profit. Clark County's revenue rose by 6.5 percent to $150.2 million thus posting the best results in Nevada.
The May 2023 Gaming Performance
Certain markets in Nevada had an 11.3 percent increase yet others had a 20 percent decline thus making their comparisons challenging. The Las Vegas Strip's revenue reduced by 2.1 percent while that of downtown Las Vegas decreased by 6.6 percent. Still, Review-Journal indicates that the industry's May figures were encouraging.
May's gross gaming revenue was the eighth highest in the state's history. The Vegas Strip and Clark County had the ninth-best results while downtown Las Vegas had the 15th-highest revenue.
Gaming Results After 2019
Joseph Greff, a J.P. Morgan gaming analyst, stated that the state's casino's high revenues generated in May were due to a high percentage and number of bets that they won. They exceeded the profit they made in May 2019.
Morgan disclosed that the Strip's table games generated 15.8 percent of the revenue compared to the 15 percent they made in 2022. Baccarat had a 16.9 percent hold unlike the 17.1 percent it had in May 2022 and the 7.7 percent in May 2019. Table games' revenue decrease was 4 percent high, baccarat had an 11 percent higher drop, and slot handle's drop was 36 percent higher.
How Was the Revenue Distributed?
An RJ report indicates that sports bets' and slot machines' revenue increased. But, table games revenue dropped in May 2023. Local bookmakers made a $30.1 million gross revenue that was 11.4 percent higher than in May 2022.
Slot operators got $877.9 million which was 0.9 percent higher than their May 2022 revenue. Also, card, counter, and table games generated $411.2 million in May 2023, a 4.4 percent drop compared to their May 2022 revenue.
