As 2022 was drawing to an end, the Nevada Gaming Control Board published its monthly revenue report, which contained a mixture of results.
For the 21st month in a row, Nevada’s gaming revenue exceeded $1 billion. In November 2022, Nevada casinos earned $1.2 billion, marking a slowdown, but still a 2.1% increase from October 2022.
Revenue from table games experienced a 6.4% increase, and slot revenue was almost 11% higher than the previous year. Despite this, Nevada casinos earned 11.3% less than they did in 2021, possibly due to the extra weekend in November this year.
In just 11 months, the gaming revenue in Nevada, also known as the Silver State, has already exceeded the 2021 record. The gaming revenue through November is currently at $13.5 billion, in comparison to $13.4 billion in 2022.
Gaming revenue in the majority of the Silver State, including the Vegas Strip, has seen a slowdown. The main tourist strip of Las Vegas garnered $669.5 million from gamblers in November, marking an 11.3% decrease from November 2021 and a 5.1% drop compared to October 2022.
Despite a general slump in casino games during November, one category notably distinguishes itself from the others.
Nevada sports betting win slows in November
In November 2022, Nevada sportsbooks earned $34.3 million, marking a substantial drop of 47.7% compared to 2021.
In Nevada, sports bettors placed bets amounting to $929 million in a month. This represents a marginal 1.4% increase from October but also signifies a decline of 14.5% compared to November 2021.
This indicates that Nevada sportsbooks claimed a win of 4.1% from the money bet on sports in November, which was lower than the amounts they won in October and November 2021.
Pro baseball proved to be a significant loss for Nevada sportsbooks. Jim McIngvale, a Houston furniture store owner known as “Mattress Mack,” won $10 million from Nevada sportsbooks when the Astros clinched the World Series. The damage to Nevada sportsbooks could have been much greater. McIngvale’s winnings totaled $75 million from sportsbooks nationwide thanks to the Astros’ victory.
In Nevada, mobile sports betting still lags behind the majority of the country. Only 69.2% of all sports bets were placed through betting apps, a figure that is below the 80% seen in most other states where sports betting is legal.
Las Vegas tourism on the rise
Typically, November is considered a slow month for Las Vegas by casino operators. However, in 2022, this was not the case due to the substantial resurgence of business travel.
The executive summary from the Las Vegas Convention And Visitors Authority reveals that Vegas saw 3,265,500 visitors in November, marking a 4.9% increase compared to the previous year.
The report states that 582,800 visitors were in Las Vegas for conventions in November. This is a 45.4% increase from the previous year, only 3.4% less than the numbers recorded in 2019, before the onset of the pandemic.
Hotels in Las Vegas have a fondness for the convention business as it usually brings in higher room rates compared to vacationing leisure travelers. This was reaffirmed in November when the average daily hotel room rate skyrocketed to $186.48. This is a significant 19.6% rise from 2021 and a massive 38.2% increase from 2019.
Harry Reid International Airport reported a total of 4,561,564 passengers, both incoming and outgoing, in November, marking a 14.4% rise compared to 2021. As of November, there was a 34.8% increase in airport traffic compared to the previous year. It is anticipated that Harry Reid will set a new record for annual passenger numbers.
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