Nevada Gaming Revenue Dips But Remains Strong In June

Written By Marc Meltzer on July 31, 2023
Nevada gaming revenue remains solid despite dip in June.

Nevada monthly gaming revenue and visitation to Las Vegas continued down a familiar path in June. Once again, gaming revenue throughout the state remains strong but is slowing slightly compared to 2022. Meanwhile, visitation to Las Vegas continues to grow compared to last year.

For the 28th month in a row, the Nevada Gaming Control Board is reporting that casino revenue in The Silver State surpassed the billion-dollar threshold. Altogether, restricted and unrestricted gaming venues in Nevada collected $1.24 billion in gaming revenue during June. While the billion-dollar mark is strong, revenue is down 2.44% compared to June last year.

Once again, gaming revenue and visitor volume in Las Vegas are in similar lanes. The Las Vegas Convention and Visitors Authority reports that 3.4 million people visited Sin City in June. This was good for a 3.1% increase compared to the same period last year.

Harry Reid International Airport in Las Vegas reported a record number of passengers in June. The airport saw 4.88 million arriving and departing passengers.

Overall gaming revenue in Nevada still up for the year

Nevada casino revenue comes from two very different locations. Tribal and commercial casinos as well as non-traditional gaming outlets like bars and taverns throughout the state all contribute to the bottom line.

Nevada online gambling is limited to a single poker room. Online casinos are still prohibited in The Silver State.

The trend of Nevada gaming revenue showing a slight decrease compared to last year continues. June was the third month in the past four that Nevada casinos showed a slight year-over-year dip in revenue.

Total Nevada gaming revenue in June was $1,245,814,727. Last June, Nevada gaming venues collected 2.44% more at $1,277,029,261.

This isn’t a surprise as Nevada had record-breaking gaming revenue in 2022. While overall revenue is still strong, it’s off slightly but still impressive.

For the first half of the year, Nevada’s gaming revenue is 3.6% ahead of last year’s record $14.8 billion. Nevada operates on a July-June fiscal calendar. When the fiscal year gaming revenue report is completed, Nevada should show a modest 3.25% increase to approximately $15.1 billion.

Hot and cold June gaming revenue markets

Northern Nevada and Southern Nevada gaming markets told different stories. Gaming revenue in Southern Nevada’s Clark County, where Las Vegas is located, was down 3.52%.

On the other side of the state, gaming revenue in Northern Nevada’s Washoe County was 10.05% higher than last year. Reno and Sparks each showed double-digit increases in gaming revenue.

The Vegas Strip is the most well-known gaming area in Clark County. This part of town saw a slim 1.01% decrease in gaming revenue from last year, from $734 million to $727 million.

Gaming revenue in downtown Las Vegas was down 10.44% from last year to $62.5 million. The largest decrease in Clark County’s June gaming revenue was on The Boulder Strip. These casinos include ones in Henderson. Revenue was down 16.73%.

In June, Reno’s gaming revenue saw a solid 12.5% increase in gaming revenue. Sparks County saw the largest increase in the state where gaming revenue was 20.76% higher than last year.

Las Vegas visitation continues to climb

Las Vegas is well on the way to topping the number of visitors last year. The World Series Of Poker; residency shows from Adele, Carrie Underwood and Garth Brooks; as well as the Vegas Golden Knights’ Stanley Cup run helped draw visitors to Las Vegas in June.

June visitation in Vegas was up just over 3% from last year to 3.4 million. This led to 85.5% of all Las Vegas hotel rooms being occupied.

The average rate for hotel rooms in Las Vegas in June was $165.21. This was an increase of 5.3% from a year ago.

The average price of a hotel room on the Vegas Strip in June was $175.78. Downtown Las Vegas hotel room prices were much more affordable at $88.44 per night on average.

Ironically, the cheaper hotel room prices in downtown Las Vegas didn’t lure more guests. Hotel room occupancy for the month was only 66.6%. Meanwhile, occupancy at Vegas Strip hotels was 88.8%.

Nevada sportsbooks take a hit from Golden Knights winning the Stanley Cup

Nevada sportsbooks had an awful month, thanks, in part, to the Vegas Golden Knights’ Stanley Cup win. In June, Silver State sportsbooks saw only $9.5 million in revenue.

The Golden Knights won the NHL championship and took home the Stanley Cup for the first time this year. The team had a 16-6 record in the playoffs, leading to a loss of $6.6 million from hockey wagers in June for sportsbooks in the state.

Sportsbook revenue was down a massive 60% from 2022. This was also 68% lower than a month earlier this year.

The sportsbooks in Nevada held only 1.98% of all money wagered in June. For comparison, Nevada sportsbooks held a typical 4.9% of all wagers in June last year.

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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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