Nevada’s casino industry generates $1.29 billion in GGR in May 2023

Nevada’s casino industry generates $1.29 billion in GGR in May 2023

Nevada’s casino industry generated gross gaming revenue (GGR) of $1.29 billion in May 2023, representing a slight fall year-over-year, according to stats revealed by the Nevada Gaming Control Board (NGCB). After COVID-19 pandemic, casino industry witnessed a strong recovery. Many land-based casino also launched online platforms to reach out to their loyal players.

Fresh stats recently published by the state gaming regulator revealed that Nevada’s gaming industry remained strong by generating the aforementioned amount in GGR, with Clark County accounting for the biggest share. Benefitting from the Las Vegas Strip’s strong performance, Clark County contributed $1.1 billion to the state gaming industry’s performance. The total casino gaming win in the month under review was merely 1 per cent lower than the level recorded in May 2022. Thus, GGR fell slightly, but the industry remained strong and future expectations are positive as holidays season will bring in more players to casinos.

Actually, the state’s gaming industry posted mixed results. Out of the state’s twenty casino markets, seven gave better performance on year-on-year basis, while thirteen posted weaker results. The worst performance was registered by North Las Vegas, which suffered a decline of 6.6 per cent in gaming revenue from the previous year to $24.2 million. On the other hand, Clark County enjoyed an increase of 6.5 per cent to $150.2 million. In fact, Clark County gave the best performance in the entire state. Strip-based casinos’ gaming revenue declined 2.1 per cent year-over-year, while downtown Las Vegas revenues slipped by 6.6 per cent.

However, state gaming control board’s senior economic analyst, Michael Lawton, warned that the comparative results might be challenging in the next few months.

Explaining his point of view, Lawton said, “The state has recorded decreases in two of the last three months. Over the next year, every monthly comparison will be up against the highest monthly total for that particular month or the second highest total for that specific month. It is needless to say the comparisons are going to be the most difficult the state has ever faced.”

With only seven state markets reporting increase in gaming revenues, and more than a dozen reporting declines, the situation seems to be really challenging and in line with the state gaming control board analysts’ forecast for the future months.

However, the state’s gaming industry has thus far remained strong. Clark County and the Strip enjoyed the ninth best-ever month in May in terms of gaming revenues, while downtown Las Vegas revenues reached near the fifteenth highest level of all time.

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