According to recent reports, Las Vegas is witnessing an increase in visitors, leading to record-breaking revenue for casinos. About 4 million people lodged in Sin City last month, approaching pre-pandemic levels. Moreover, Vegas casinos recorded an unprecedented income of $90.5 million.
The Las Vegas Convention and Visitors Authority (LVCVA) reported that 3.639 million people visited in October, a decrease of less than 1% from the 3.668 million visitors in 2019.
Tourists keep flocking to the casino floor, resulting in Nevada casinos amassing more than $1 billion in October, as revealed in the Nevada Gaming Control Board (NGCB) monthly revenue report. Naturally, Las Vegas casinos are spearheading this trend.
Downtown Las Vegas casinos boom
Casinos located on the Vegas Strip saw similar earnings to the previous month, while those in downtown Las Vegas gathered $90.5 million in October. According to the NGCB report, this was a record-breaking month for “Old Vegas” casino gaming revenue, showing a 19% increase from the previous month. Furthermore, it is projected that downtown Las Vegas casinos are on track to have their highest earnings in 2022 compared to any other year.
For the 20th month in a row, casinos in Nevada won over $1 billion, with October marking this milestone.
Las Vegas visitation is up
The year 2022 has seen a significant rebound, with approximately 32 million people visiting Las Vegas so far. This figure is 23.5% higher than the previous year, although it still lags slightly behind the 35 million visitors recorded by October in 2019.
The surge was partially attributed to convention attendees throughout the week. Despite a 32.1% rise in convention-goers compared to 2021, this number remains nearly 20% below that of 2019. The influx of convention travel in Las Vegas contributed to an 85.1% midweek hotel occupancy rate. Meanwhile, weekend tourists resulted in a hotel occupancy rate of 94%.
The Las Vegas Review-Journal was informed by Kevin Bagger, Vice President of the LVCVA Research Center, that:
The average daily room rates reached nearly $210, breaking the monthly record for ADR, backed by strong demand throughout the month due to major events and conventions.
Vegas casino hotels prices
Additionally, Las Vegas hotel prices broke records that month.
In October, Las Vegas observed an average daily room rate (ADR) of $209.89, marking a 20.8% increase from the previous year’s ADR. This figure also represents a 55.1% rise from the ADR in 2019. Visitors who stayed on the Vegas Strip paid an average of $225.69 per night for their hotel room, nearly double the average cost of $117.51 for a room in downtown Las Vegas.
Las Vegas casinos and hotels saw significant profits from visitors in October, but these numbers might decrease for the rest of the year. The months of November and December usually experience a slowdown in Las Vegas. Due to this decreased demand and holiday sales, hotel room prices are likely to drop slightly. Similarly, as fewer people visit, the amount of money lost by casino guests could also decrease.
Although rates may decrease in November and December, the occupancy and prices of hotel rooms are expected to rise early next year due to the Consumer Electronics Show taking place on January 5-8, 2025.
Nevada gaming revenue booming, too
For the 20th month in a row, Nevada casinos have won over $1 billion in October. The state is on the verge of setting a new annual gaming revenue record.
Nevada casinos have accumulated winnings of around $12.3 billion up until October. This is in comparison to the record-breaking $13.4 billion that casinos won from gamblers in 2021.
Nevada is set to surpass last year’s record gaming revenue. The only uncertainty is whether the state will gather the money in November or December.
Revenue from slot machines in Nevada casinos is surpassing last year’s rate, while table games are lagging behind the previous year.
The popularity of sports betting is on the rise, with Nevada sportsbooks recording a winning of $56.9 million in October, marking a 17.7% increase from the previous year.
Casinos on the Vegas Strip remain the top earners for gaming revenue in Nevada. To date, these casinos within the Las Vegas tourist corridor have made $6.8 billion, a figure that is projected to surpass last year’s $7 billion.
Favorite Nevada casino games
The gaming revenue in Nevada frequently remains consistent. This is something most casino visitors can observe whenever they visit the gaming area.
All casinos have their gaming floor dominated by slot machines. The revenue from these games largely contributes to the overall monthly gaming revenue for casinos. However, blackjack still holds the title of the most popular game in casinos.
This is an overview of the revenue collected by Nevada casinos 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
Revenue from slot machines encompasses earnings from reel and video slots, video poker, keno, and various multi-game options. Penny slots contributed $307.8 million to the total machine revenue.
Nevada casinos boast a higher number of blackjack tables. Yet, baccarat revenue can rival that of blackjack during any month when international high rollers pay a visit.
Despite the lesser number of baccarat tables in casinos, significant fluctuations in baccarat revenue can be attributed to a single player.
Related Articles
Nevada Gambling, Tourism Numbers Grow Again In February
