Wednesday, November 30, 2022

14 Months of $1 Billion Gambling Revenue in Nevada

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The streak continues! April was the 14th month in a row where gambling revenue in Nevada topped the $1 billion mark. But how much longer can this wild ride last? Even though the numbers are still impressive, April was the first month of this billion dollar streak to see almost no growth.

The figures seem to have stalled for the moment, and we will have to wait for May’s numbers to know if the record breaking run is over. There are some concerns that the state may be entering a “slow growth” period, and that the rising rate of inflation coupled with higher consumer costs could be to blame.

Gaming revenue in Nevada has risen nearly 30% over the first four months of 2022, comparable to last year. The state shattered a record in 2021, bringing in almost $13.5 billion, with $7 billion of that coming from the Las Vegas Strip.

The Strip generating over half of the states total earnings means that other areas in Nevada are already seeing this slow down. The Fremont Street casinos saw over an 11% drop in revenue, and areas around Lake Tahoe fell by 15%. And while Reno did not see drop in profits, their revenue increase was less than 1%

Slot machine players were once again the driving force behind April gambling revenue in Nevada. In fact, slot players bet nearly $12 billion in April, meaning that profits rose to over $800 million. Meanwhile, state sportsbooks fell by 7%.