August 2022 marked the 18th straight month of USD 1 billion or more in gaming revenue, said the Nevada Gaming Control Board (NGCB), United States, in its monthly report. Nevada’s casinos reported USD 1.2 billion in gaming win in August, a 3.53% increase compared to August 2021, when it was USD 1.16 billion. The USD 659.7 million in revenue on the Strip rose 5.1% over August 2021’s USD 627 million. That’s 26.7% higher than August 2019 prior to the pandemic, according to the NGCB. Through eight months, Strip casinos are almost 25% ahead of 2021’s record USD 7 billion in gaming revenue.
The statewide and Strip results led analysts to predict last year’s record revenue totals would be exceeded. In fact, up to now, statewide gaming totals are expanding almost 14% in relation to 2021’s record year of USD 13.4 billion.
For the month, Strip slot handle was up 11.2% year over year, while table volumes scaled 4.2% (+5.4% excluding baccarat). Strip slot revenue of USD 381.2 million represented a +5.9% year over year, as hold was down about 40 basis points to 8.2%. Strip table revenue, excluding baccarat, was USD 186.4 million, an increase of 5.8% year over year. Drop increased 5.4% year over year, while hold was up about 10 basis points to 15.7%. Baccarat volumes were up 1.8% and revenue increased 1.2% year over year, as baccarat hold of 15.3% was down about 10 basis points. Overall, August Strip table revenue of USD 270.9 million (excluding poker) was up 4.4% year over year, as drop was up 4.2% and table hold of 15.2% was up about 5 basis points.
NUMBERS OUTSIDE THE STRIP + SPORTS BETTING
The state’s combined markets outside of the Strip increased 1.6% or USD 8.5 million year over year, ending a streak of four consecutive decreases between April and July. Based on data from The Nevada Independent, Clark County totaled more than USD 1 billion in gaming revenue in August, the 11th time in the last 18 months the market has topped that figure. Northern Nevada casinos saw revenue jump 2.3% in August, including an 18.5% upsurge in North Lake Tahoe and a 26.8% advance from casinos along Lake Tahoe’s South Shore. Washoe County, led by Reno and Sparks, reported USD 92.5 million in revenue, a 2.29% increase over August 2021.
Generally speaking, total Nevada’s slot machine win was of USD 847.1 million (up 2.5% or USD 20.7 million), and coin-in of USD 11.5 billion was up USD 605.3 million or 5.5%. Table, counter, and card games’ win of USD 361.4 million grew USD 20.5 million (6%) and games’ drop of USD 2.4 billion augmented 1.6% from August 2021. Regarding baccarat win, there was a +3.9% of USD 96.7 million, while baccarat drop was +0.9% of USD 624.8 million. Baccarat’s hold percentage was 15.48%, versus 15.03% last year.
When taking a look at sports betting, indicators were really great. August 2022 revenue was USD 16.1 million, a +12%, due to an expansion in the percentage of bets won by the sportsbooks. Nevada’s sportsbooks took in USD 408.7 million in wagers, a decline of 4.4% compared to a year ago. Analysts expect the September 2022 sports wagering totals to increase, given the kickoff of both the NFL and college football seasons. Wagers made with mobile apps accounted for 71.7% of total bets placed with sportsbooks in August. These wagers won USD 9.9 million (up 14.8%) on general USD 292.9 million in wagers (down 1.3%), holding 3.4%.
VISITATION TO THE STATE IS RISING
Considering information from the Las Vegas Convention and Visitors Authority, Las Vegas state visitation was 3.2 million people during August 2022, an increase of 6.4% from a year ago, but a figure that was 10.9% below pre-pandemic August 2019’s total. For the first eight months of 2022, total visitation to Las Vegas is up 27.7% as compared to the same eight months of 2021.
Hotel room occupancy reached 76.8% in August, 4% ahead of last year, but down 10.9 points versus August 2019, while occupancy on weekends was 90.1%, the sixth-straight month the market reached that figure. The trend of strong average daily room rates continued into August, exceeding USD 148, which is 5.5% ahead of August 2021 and 22.4% above August 2019. Revenue per available room neared USD 114 for August, 11.3% year over year and 7.2% over August 2019. Convention attendance of 406,500 in August was 20.5% higher than August 2021 and added to the eight-month total of nearly 3.2 million. Still, convention attendance is 38.2% below 2019 levels.
After two straight months of record-setting passenger volume, Harry Reid International Airport saw a slight slowdown in August 2022 (July 2022 was record, with 4.86 million passengers), but the 4.64 million travelers represented a 22% escalation from a year ago (3.8 million travelers). For the first eight months of 2022, Reid Airport has seen almost 33.8 million passengers, 41.4% higher than the same eight months of 2021. International passengers totaled 245,248, compared to 256,081 passengers in July 2022, the first time this year there was a decline from the previous month. Still, the August total was a 209% jump from a year ago and helped with the continued recovery of international visitation to Las Vegas.