Nevada Casinos Set New Revenue Record For The Year; NV Sports Betting Dips

Written By Marc Meltzer on January 4, 2023
nevada casino revenue up, las vegas sees more visitors

Just as 2022 was coming to a close, the Nevada Gaming Control Board released its monthly revenue report. The information was a mixed bag.

Nevada gaming revenue surpassed $1 billion for the 21st consecutive month. Nevada casinos won $1.2 billion during November 2022, representing a slowdown but an increase of 2.1% from October 2022.

Table games saw a 6.4% revenue bump, and slot revenue was nearly 11% greater than the previous year. However, Nevada casinos won 11.3% less than the state’s casinos won in 2021, which is likely because of the additional November weekend this year.

Gaming revenue in the Silver State surpassed the 2021 record in only 11 months. Nevada’s gaming revenue through November is already $13.5 billion, compared with $13.4 billion in 2022.

The bad news is that gaming revenue slowed around most of the Silver State, including the Vegas Strip. The main tourist corridor of Las Vegas won $669.5 million from gamblers in November. This was a dip of 11.3% from November 2021 and 5.1% compared with October 2022.

While most casino games saw a slowdown in November, one category stands out from the rest.

Nevada sports betting win slows in November

Nevada sportsbooks won $34.3 million in November 2022, a significant decrease of 47.7% from 2021.

Nevada sports bettors wagered a total of $929 million for the month. It’s a slight 1.4% increase from October; however, it represents a dip of 14.5% from November 2021.

This shows that Nevada sportsbooks won 4.1% of the money wagered on sports in November, less than in October and November 2021.

The big loser for Nevada sportsbooks was pro baseball. Houston furniture store owner Jim “Mattress Mack” McIngvale won $10 million from Nevada sportsbooks when the Astros took home the World Series trophy. The loss could have been much worse for Nevada sportsbooks. McIngvale won $75 million from the Astros victory from sportsbooks around the country.

Mobile sports wagering in Nevada still trails most of the country. Betting apps accounted for only 69.2% of all sports wagers. This amount is higher than 80% in most other states with legal sports betting.

Las Vegas tourism on the rise

Casino operators typically look at November as one of the slower months for Las Vegas. That wasn’t the case in 2022, as business travel made a massive comeback.

According to the Las Vegas Convention And Visitors Authority’s executive summary, 3,265,500 people visited Vegas in November, a 4.9% increase from the previous year.

According to the report, 582,800 of those visiting Las Vegas in November were in town for conventions. The 45.4% increase from last year was only 3.4% less than in 2019 — before the pandemic.

Las Vegas hotels love the convention business as room rates are typically higher than leisure travelers on vacation. That was true once again in November. The average daily hotel room rate was $186.48, a 19.6% increase over 2021 and a whopping 38.2% higher than 2019.

Harry Reid International Airport reported 4,561,564 arriving and departing passengers in November, a 14.4% increase from 2021. As of November, airport traffic was up 34.8% year over year. Harry Reid should break a record for the number of passengers for the year.

Photo by PlayNevada
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Marc Meltzer

Marc grew up on the mean streets of the South Bronx. He's the rare combination of Yankees and Jets fan which explains his often contrarian point of view. Marc is a freelance writer and social media consultant. Writing about steak, booze, gambling and Las Vegas is a tough job but somebody has to do it.

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