The latest reports indicate that Las Vegas is experiencing an increase in visitors, leading to record-breaking revenues for casinos. Last month, approximately 4 million people visited Sin City, approaching levels seen before the pandemic. Moreover, Vegas casinos raked in a record-breaking $90.5 million.
The Las Vegas Convention and Visitors Authority (LVCVA) reports that 3.639 million people visited in October, a slight decrease of less than 1% from the 3.668 million visitors in 2019.
The casino floors continue to attract tourists. In October, Nevada casinos amassed over $1 billion according to the monthly revenue report by the Nevada Gaming Control Board (NGCB). Naturally, Las Vegas casinos are at the forefront.
Downtown Las Vegas casinos boom
Casinos on the Vegas Strip maintained their earnings similar to the previous month, while downtown Las Vegas casinos saw a significant increase, collecting $90.5 million in October. The NGCB report highlighted a record-breaking month for gaming revenue in “Old Vegas.” This was also 19% more compared to the previous month. If they continue at this rate, downtown Las Vegas casinos are set to surpass their highest earnings in 2022.
Nevada casinos have won more than $1 billion for the 20th consecutive month, marking this achievement in October.
Las Vegas visitation is up
The year 2022 has seen a significant rebound, with around 32 million people visiting Las Vegas so far. This is a 23.5% increase compared to last year, although it still falls slightly short of the 35 million visitors recorded by October in 2019.
The increase was partially attributed to convention attendees during the week. Despite a 32.1% increase compared to 2021, the number of convention-goers is still nearly 20% less than in 2019. The influx of Las Vegas convention travelers contributed to an 85.1% midweek hotel occupancy rate. Moreover, weekend tourists helped push hotel occupancy rates to 94%.
The Vice President of the LVCVA Research Center, Kevin Bagger, informed the Las Vegas Review-Journal:
The average daily room rates nearly reached $210, breaking the monthly record for ADR, due to strong demand throughout the month, bolstered by major events and conventions.
Vegas casino hotels prices
Las Vegas hotel prices also hit a record-breaking high that month.
In October, Las Vegas saw an average daily room rate (ADR) of $209.89, marking a 20.8% hike from the previous year’s ADR. This also represents a 55.1% surge from the ADR in 2019. On the Vegas Strip, the average cost per night for a hotel room was $225.69. In contrast, the average price for a hotel room in downtown Las Vegas was nearly half this rate, at $117.51.
Las Vegas casinos and hotels enjoyed significant profits from visitors in October, but this might experience a decline for the remainder of the year. November and December are usually quieter months in Las Vegas, which could lead to a decrease in hotel room rates due to lower demand and holiday sales. In the same vein, with less visitation, casino guests might lose less money as gambling activities slow down.
Hotel room occupancy and prices may rise early next year due to the Consumer Electronics Show taking place from January 5-8, 2025, despite possible lower rates in November and December.
Nevada gaming revenue booming, too
For the 20th month in a row, casinos in Nevada brought in over $1 billion in October. The state is on the trajectory to shatter the annual gaming revenue record.
Nevada casinos have earned about $12.3 billion up until October. In 2021, they set a record by winning $13.4 billion from gamblers.
Nevada is on track to surpass last year’s record gaming revenue. The only uncertainty is whether the state will gather the money in November or December.
Nevada casinos are generating more slot machine revenue than last year, but their table games are not performing as well as they did last year.
The popularity of sports betting continues to surge, with Nevada sportsbooks recording a $56.9 million win in October, a 17.7% rise compared to the previous year.
Casinos on the Vegas Strip remain the top earners in Nevada’s gaming revenue. To date, these casinos in the Las Vegas tourist area have raked in $6.8 billion, setting a trajectory that could surpass last year’s $7 billion.
Favorite Nevada casino games
The revenue from gaming in Nevada frequently remains consistent. This is observable to most casino visitors whenever they spend time on the gaming floor.
All casinos predominantly feature slot machines on their gaming floors. The revenue generated from these games significantly contributes to the overall monthly gaming revenue. However, blackjack continues to be the most favored game on the casino floors.
Here’s an overview of the amount of money collected by Nevada casinos from the most popular games in October:
- $877.3 million from slot machines
- Blackjack: $130.6M
- Baccarat: $66.4M
- Betting on Sports: $56.9 million
- Craps: $37.3M
- Roulette: $33 million
Revenue from slot machines encompasses income from reel and video slots, as well as video poker, keno, and various multi-game options. Penny slots contributed $307.8 million to the total machine revenue.
Nevada casinos host a greater number of blackjack tables. Nonetheless, baccarat can rival blackjack in terms of revenue when international high rollers visit in any particular month.
Despite the fewer number of baccarat tables in casinos, the baccarat revenue can experience significant fluctuations due to a single player.
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