As 2022 was drawing to a close, the monthly revenue report was released by the Nevada Gaming Control Board. The report contained a mix of information.
For the 21st month in a row, gaming revenue in Nevada exceeded $1 billion. Despite a slowdown, Nevada casinos still managed to earn $1.2 billion in November 2022, marking a 2.1% rise from the revenue of October 2022.
Revenue from table games increased by 6.4%, and slot revenue was almost 11% higher than the previous year. Nonetheless, Nevada casinos’ winnings were 11.3% lower than what the state’s casinos won in 2021, probably due to the extra weekend in November this year.
Nevada’s gaming revenue reached $13.5 billion through November, exceeding the 2021 record of $13.4 billion in just 11 months. This figure surpasses the total gaming revenue for the Silver State in 2022.
Gaming revenue experienced a slow-down across most of Nevada, including the Vegas Strip, which is disheartening news. The main tourist strip in Las Vegas accumulated $669.5 million in November from gamblers, representing a decline of 11.3% from November 2021, and a 5.1% drop compared to October 2022.
Despite a slowdown in most casino games in 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.
Sports bettors in Nevada placed wagers totaling $929 million in a month. While this is a marginal increase of 1.4% from October, it marks a decrease of 14.5% compared to November 2021.
This indicates that in November, Nevada sportsbooks secured a win of 4.1% from the total money bet on sports, which is lower than the winnings from October and November 2021.
Pro baseball resulted in significant losses for Nevada sportsbooks, with Houston furniture store owner Jim “Mattress Mack” McIngvale making a whopping $10 million from them when the Astros clinched the World Series trophy. Nevada sportsbooks could have suffered even more, as McIngvale’s total winnings from the Astros’ victory amounted to $75 million, gathered from sportsbooks nationwide.
In Nevada, mobile sports betting is lagging behind most of the country. Only 69.2% of all sports bets were made using betting apps, which is lower than the over 80% seen in most states where sports betting is legal.
Las Vegas tourism on the rise
In 2022, November was not a slow month for Las Vegas as usually perceived by casino operators, thanks to the massive resurgence of business travel.
The Las Vegas Convention And Visitors Authority’s executive summary states that there was a 4.9% increase in the number of visitors to Vegas in November from the previous year, with a total of 3,265,500 people visiting.
The report indicates that out of the total visitors in Las Vegas during November, 582,800 were there for conventions. There was an increase of 45.4% from the previous year, which was only 3.4% lower than the increase recorded in 2019, before the pandemic hit.
Hotels in Las Vegas have a penchant for the convention business because room rates are usually higher compared to those of vacationing leisure travelers. This was again evident in November as the average daily hotel room rate soared to $186.48. This is a significant 19.6% rise from 2021 and an impressive 38.2% increase from 2019.
In November, Harry Reid International Airport recorded 4,561,564 incoming and outgoing passengers, marking a 14.4% increase from 2021. Airport traffic had surged by 34.8% year on year as of November. The airport is anticipated to break the annual passenger record.
Related Articles
Nevada Gambling, Tourism Numbers Grow Again In February
