Las Vegas continues to see more visitors, and casinos see record revenue, according to the latest reports. Nearly 4 million people stayed in Sin City last month, near pre-pandemic levels. And Vegas casinos collected a record $90.5 million.
According to the Las Vegas Convention and Visitors Authority (LVCVA), 3.639 million people visited in October — less than 1% fewer than the 3.668 million visiting in 2019.
Tourists continue to hit the casino floor. Nevada casinos collected more than $1 billion in October, according to the Nevada Gaming Control Board (NGCB) revenue report for the month. Of course, Las Vegas casinos are leading the way.
Downtown Las Vegas casinos boom
While casinos on the Vegas Strip won approximately the same as the previous month, downtown Las Vegas casinos collected $90.5 million in October. The NGCB report revealed a record month of gaming revenue for casinos in “Old Vegas.” It was also 19% higher than the prior month. Downtown Las Vegas casinos are on pace to win more money in 2022 than any year.
October marked the 20th consecutive month Nevada casinos won more than $1 billion.
Las Vegas visitation is up
The year 2022 has been quite a bounceback. So far this year, about 32 million people have come to Las Vegas. That’s 23.5% higher than last year but still slightly behind 2019 when 35 million people visited through October.
The spike was in part due to convention visitors during the week. The 32.1% increase over 2021 conventioners is still almost 20% lower than in 2019. Las Vegas convention travel helped boost midweek hotel occupancy to 85.1%. Tourists visiting during the weekends boosted hotel occupancy to 94%.
Kevin Bagger, the vice president of the LVCVA Research Center, told the Las Vegas Review-Journal:
“Strong demand during the month supported by major events and conventions shattered the monthly record for ADR as average daily room rates approached $210.”
Vegas casino hotels prices
It was also a record-breaking month for Las Vegas hotel prices.
The average daily room rate (ADR) in Las Vegas was $209.89 in October — a 20.8% increase over ADR last year. Moreover, it’s an increase of 55.1% from 2019. On average, those who stayed on the Vegas Strip paid $225.69 per night for a hotel room. This rate is almost double the average $117.51 paid for a hotel room in downtown Las Vegas.
While Las Vegas casinos and hotels were racking up big bucks from visitors in October, that may decrease for the rest of the year. November and December are typically slower months in Las Vegas. Hotel room rates should dip slightly with lower demand and holiday sales. Similarly, as visitation slows, casino guests could lose less money gambling.
While November and December rates could be lower, hotel room occupancy and prices should increase early next year with the Consumer Electronics Show from Jan. 5-8, 2023.
Nevada gaming revenue booming, too
Nevada casinos won more than $1 billion for the 20th consecutive month in October. The state is on the way to breaking an annual gaming revenue record.
Through October, Nevada casinos have won approximately $12.3 billion. Casinos won a record $13.4 billion from gamblers in 2021.
Nevada is on pace to break last year’s record gaming revenue. The only question is will the state collect the money in November or December.
Slot machine revenue for Nevada casinos is ahead of last year’s pace. Meanwhile, table games are behind last year.
Sports betting continues to grow in popularity. Nevada sportsbooks won a record $56.9 million in October, a 17.7% increase from last year.
Vegas Strip casinos continue to lead the way for gaming revenue in Nevada. So far, casinos in the Las Vegas tourist corridor have won $6.8 billion, which is on pace to be more than the $7 billion last year.
Favorite Nevada casino games
Nevada gaming revenue is often the same. Most casino guests can see this anytime they hit the gaming floor.
Slot machines dominate the gaming floor at all casinos. Revenue from these games dominates overall monthly gaming revenue for casinos. Meanwhile, blackjack remains the most popular game on casino floors.
Here’s a look at how much money Nevada casinos collected from the most popular games in October:
- Slot machines: $877.3 million
- Blackjack: $130.6 million
- Baccarat: $66.4 million
- Sports betting: $56.9 million
- Craps: $37.3 million
- Roulette: $33.0 million
Slot machine revenue includes reel and video slots along with video poker, keno, and other multi-game options. Penny slots accounted for $307.8 million of overall machine revenue.
There are more blackjack tables in Nevada casinos. However, baccarat revenue can challenge blackjack when international high rollers visit any given month.
Even though there are fewer baccarat tables in casinos, a single player can account for significant swings in baccarat revenue.
