Nevada’s November Gambling Revenues Show New Record
Nevada’s gaming industry crossed the finish line with record-setting revenues in November, according to the last Nevada Gaming Control Board data release of 2023.
Overall, Nevada casinos raked in an impressive $1.37 billion in revenue for the month. That surpasses the previous November record of $1.32 billion, set in 2021.
The state witnessed a remarkable 12.5% increase over the $1.22 billion recorded in November 2022, translating to an additional $153.4 million. The Las Vegas Strip saw a huge 22.6% increase in revenue, generating $820.9 million, up from $669.5 million in the same month last year.
This surge is mostly attributed to the F1 Las Vegas Grand Prix, which revved up the city’s economy with an influx of big budget gamblers from across the globe.
Overall visitation numbers through Harry Reid International airport have not been released, but suggest they may have actually gone down from October’s high. However, baccarat revenues were up an incredible 62%, raking in $178 million over the month, as high-end European bettors came flying in for the race.
From that, taxable revenue for the state amounted to some $1.255 billion.
Outside Strip Casinos Falter
Despite the huge upswing on the Las Vegas Strip, the rising tide of revenues didn’t lift all boats. Clearly, the high-end players visiting for the Grand Prix weren’t as interested in straying far from the luxury venues of the main Resort corridor.
Although Clark County overall also saw a big upswing, some areas within the county did not.
Downtown Las Vegas reported a slight dip in revenue, down nearly 2% from November 2022, alongside the Boulder Strip and North Las Vegas, which also saw minor declines.
The Strip’s stellar performance stole the spotlight with its third-highest total games win in history, marking an increase of 61.9% year-over-year.
Sportsbooks also enjoyed a profitable month, despite the eventual race win for heavy favorite Max Verstappen. The ‘books won $41 million in November, an 8.8% increase from the previous year.
It is worth nothing that not all forms of gambling were as popular with November’s visitors. Once again, the Strip’s slot win saw a decrease, marking the fourth consecutive monthly fall in revenues for the most popular gambling format at Las Vegas casinos.
The Bigger Picture
Despite either a slight increase or fall in Las Vegas visitation, the impact of the F1 race and other events like the SEMA auto show, U2 and Usher’s residencies, and Las Vegas Raiders games significantly boosted the city’s economic performance.
Hotel occupancy rates were encouraging, with overall occupancy at 81.9% and the Las Vegas Strip at 85.3%, up from 83.6% in November 2022. Driven by robust rates during the F1 race, average daily room rates hit a record high of $249, a 33.7% increase year-over-year.
For 2023, Nevada gaming revenues are up 11% year-on-year at $14.08 billion after 11 months of data.
That puts the state on pace to set record revenue figures for the year overall, when December’s figures are released in January 2024. The current record is $14.84 billion, set in 2022. So, barring a calamitous fall in visitation that has so far gone hidden throughout December, another record year should be forthcoming.