Reaching new heights
The Nevada Gaming Control Board (NGCB) just announced its gaming revenue results for September and the state has once again surpassed the $1bn mark. It’s now the 19th month in a row it has topped the milestone. If it carries on its current trajectory, 2022 will prove another record-breaking year.
For the year to September, Nevada casinos have generated total revenue of $11bn. At an average of around $3.7bn per quarter, the state is on track to reach around $14.7bn by the time the New Year rolls around. That would represent an increase of 10% from last year’s record-breaking total of $13.4bn.
I’m going to go out on a limb and say this year is going to surpass last year.”
Analysts are certainly confident that Nevada will shatter the record. Commenting after release of the new figures on Thursday, NGCB senior economic analyst Michael Lawton said: “We have three months left in the calendar year, and I’m going to go out on a limb and say this year is going to surpass last year.”
NGCB shares the good news
The NGCB’s Thursday release made clear the continued success of Nevada casinos. Statewide GGR totaled $1.25bn in September, an increase of 8% from last year. Within that total, only three of Nevada’s 20 monitored markets saw a year-on-year decline.
Of course, the Las Vegas Strip generated the majority of Nevada’s success last month. The gambling hub saw a year-on-year GGR rise of more than 8% for September, reaching $693m. The largest portion came through slot machines, which accounted for $409.5m of the total, or 59%. That’s a rise of 15% year-on-year.
incredibly strong sports and entertainment calendar.”
Lawton gave some explanation for the successful month on the Las Vegas Strip, pointing to “another incredibly strong sports and entertainment calendar.” He said this included “concerts, residencies, a music festival, and three high-profile sporting events.” ?
Notably, in September, both Nevada and the Las Vegas Strip surpassed GGR levels from August. Nevada beat its total by 4% month-on-month, while the Strip defeated its previous total by a slightly higher 5%.
An end to growth
While Nevada’s success this year is clear to see, Lawton has cautioned that an end to the growth could be on the horizon. He said: “All markets are going to be facing difficult comparisons for the foreseeable future and results will be choppy from month to month, and we expect growth rates to be moderate.”
That said, it doesn’t seem likely this will come before the end of 2022. October saw the return of the Global Gaming Expo to Las Vegas, the gaming industry’s largest trade show. Meanwhile, Adele and Elton John are both due to take the stage in Vegas this November, and December will welcome UFC 282 along with multiple Golden Knights home games.