Traditional monthly report from the Nevada Gaming Control Board of Nevada (NGCB), United States, brought a smile to industry stakeholders in a global context of a country in the middle of a process of recession and inflation.
June 2022 was the 16th consecutive month of more than USD 1 billion in revenue, a state record, and it was also the highest June total gaming revenue record of all time for the state. The Las Vegas Strip drove the increase in gaming win for June 2022, with USD 734.7 million in revenue (+22.7% v June 2021). June’s numbers were 19.2% higher than June 2019. The Strip is also up 36.6% for 2022 compared to 2021. Tourism also boosted the record numbers as Harry Reid International Airport recorded its busiest month, with 4.68 million passengers.
However, June marked the third consecutive month that saw gaming win decrease across every gambling market besides The Strip. Statewide, excluding The Strip, gaming revenue was down 7.5% compared with June 2021. Besides, while the USD 1.27 billion in revenue implied and advance of 8.1% over the USD 1.18 billion of June 2021, it was also 2.36% lower than revenue of May 2022 (USD 1.3 billion). Another worrying sign for Las Vegas was Downtown’s gaming revenue numbers: USD 69.8 million, down 11.6% from the USD 79 million in June 2021. Gaming revenue declines for June 2022 were also experienced in Reno (4.8%), and Sparks (10%), while Mesquite was flat. South Lake Tahoe revenues fell 28.7% and Laughlin, 14.6%.
Looking at the fiscal year ending June 2022, the state was up 37% compared to 2019, with a gambling revenue total of USD 14.6 billion—a state record for fiscal year total win. In addition to the state, 11 of the Nevada’s 18 major submarkets set all-time records for fiscal-year gaming win: Clark County, downtown Las Vegas, Las Vegas Strip, Boulder Strip, Mesquite, balance of Clark County, Carson Valley, Elko, Wendover, balance of Elko County, and balance of Washoe County. Outside of the Las Vegas Strip, 16 of the 17 other individual markets recorded increases this fiscal year compared to fiscal year 2021. South Shore Lake Tahoe was the only market to record a decrease compared to the previous year.
DIFFERENT VERTICALS
Interestingly, slot machines, the casino’s cash cow, saw the first dip in revenue since February 2021. Slots brought in USD 838.8 million in June 2022, a 1.9% decrease over last June. The amount of money played on slot machines was down by 2.1% during the same time. Compared to 2019, slot win was up 31.8%.
That loss was made up by a baccarat win of USD 143.2 million that increased 237.3% (USD 100.7 million), while a baccarat drop of USD 656.5 million increased 2.0% (USD 13.0 million). Baccarat’s hold percentage was 21.81% versus 6.60% last year.
Nevada sportsbooks won USD 23.8 million in June 2022, down 18.3% compared to June 2021, with a hold percentage of 4.86% versus 5.35% last year. Sportsbook wagers totaled USD 490.3 million, down 10.1% compared to June 2021. This ends a streak of nine consecutive increases to betting volumes. The last decrease was recorded in August of 2021.
The Las Vegas Convention and Visitors Authority reported 3.3 million visitors in June, a 12% increase over 2.97 million in June 2021, though 8% below June 2019. Hotel occupancy reached 82.7% in June, up from 75.9% in June 2021, but down from 91.7% in June 2019.
