Nevada’s May Gaming Revenue Was More Than $1B, Despite Small Dip

Article ByDavid Weir

June 29, 2023

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Posted in: Nevada Gambling News, US Casino News, US Gambling News

Nevada’s casino operators brought in revenues of $1.28 billion in May, according to the latest figures from the Nevada Gaming Control Board.

That’s the state market’s 27th consecutive month of revenues exceeding the billion-dollar threshold.

Year-on-year, it shows a slight decline of 0.84% on last May. On the other hand, it is up 6.6% on April’s $1.2 billion figure.

Looking at the bigger picture, Nevada’s May numbers mean total revenues are now up 3.8% for this fiscal year. It’s also the second-largest revenue number for 2023 so far, behind the traditional bumper month of March.

“It’s a very strong number (in May 2023), yet we declined, which is something we might need to be prepared for over the next year,” senior economic analyst with the Gaming Control Board, Michael Lawton.

Related: The top online casinos in Nevada, rated and reviewed

Regional Performances

The revenue decrease was not uniform across the state.

Casinos on the Las Vegas Strip, responsible for the largest overall contribution to the state’s gaming revenue, saw a 2.1% decline. They pulled in $715.9 million compared to $731.5 million in May 2022. Downtown Las Vegas experienced a sharper drop of 6.6%, while North Las Vegas saw a 4.72% decrease.

Casinos in Washoe County, however, reported a year-over-year increase of around 4%. The Boulder Strip saw a 1.5% rise. The city of Sparks casinos saw a significant 8.9% increase in revenue compared to May 2022.

Looking Ahead

Despite the slight dip in May, the state’s gaming revenues for 2023 are still running 1.2% ahead of the first five months of 2022. Statewide, gaming revenues are 4.9% higher than the first five months of 2022.

However, the state’s gaming industry may face challenging comparisons in the coming months, looking at 2022’s figures.

Each monthly comparison will be up against the highest or second-highest ever monthly total for that particular month, making it a tough act to follow.

Despite these challenges, Nevada’s gaming industry continues to show resilience.

The state’s total win was 31.3%, or $307.3 million, higher than May 2019, indicating a strong recovery from pre-pandemic levels.

Specifics and Taxes

Statewide venues saw declines in most gambling games available, except slots. Total table game revenue was down 4.37% on last May.

Slots win, on the other hand, was up 0.9% year-on-year. That’s even with Nevada’s casinos seeing quite a few headline large jackpots from slots over the month.

Meanwhile the state of Nevada collected $84.267 million in taxes from the $1.3 billion of total taxable revenues.

That’s down 1.69% on last year’s figure for May. But it is up 24.92% on April’s figure.

That’s actually the largest increase on last month of any figure in the report, meaning the state’s tax office was one of the biggest winners in all of this.

It leaves the total tax bill for Nevada’s casinos for the fiscal year so far at $971.181 million. That’s up 0.69% on fiscal year 2022.

Record Airport Traffic

Tourism and events play a significant role in Nevada’s gaming revenue.

The Las Vegas Convention and Visitor Authority (LVCVA) reported that the Fourth of July is expected to attract 334,000 visitors to Las Vegas. If that works out, it could be a 5.47% year-on-year increase that will account for $386 million in visitor spending.

May’s visitor numbers were boosted by multiple weekend music festivals, including the Lovers & Friends festival, Sick New World festival, and Electric Daisy Carnival.

These events, along with a record month of passenger traffic at Harry Reid International Airport, saw hotel occupancy hit 93.2% over weekends. That’s 1.3% higher than May 2022.

Those kind of numbers also look good for LVCVA CEO Steve Hill. This week, the organization’s compensation committee voted to give Hill a 7.5% salary increase and a 40% bonus going into the next fiscal year.