- Nevada Gambling revenue surpassed $1 billion for the 20th consecutive month in October.
- The combined markets outside the Las Vegas Strip improved by 10.6% versus last year.
- Slot machines continued to be the top revenue generator with $877.3 million.
Nevada’s gambling industry showed no signs of slowing down as gambling revenue exceeded the $1 billion mark for the 20th consecutive month in October. The market has been trending up since COVID-19 restrictions were gradually removed. It has continued to surge and has been at a billion-dollar pace for nearly two years now.
Nevada gambling revenue reaches $1.28bn in October https://t.co/S2bEjNsn4H pic.twitter.com/mx3GLukrnl
— iGB (@iGamingBusiness) November 30, 2022
According to the Nevada Gaming Control Board, state gambling revenues totaled $1.28 billion for October 2022. That amount is 2.4% higher than the previous month’s $1.25 billion and 4.9% better than October 2021’s $1.22 billion.
Increase from the Combined Markets Outside the Las Vegas Strip
Senior state economic analyst Michael Lawton attributed October 2022’s increase to the 10.6% or $55.3 million increase from the combined markets outside the Las Vegas Strip. According to Lawton, the combined market has now seen a year-over-year increase for three consecutive months after four straight months of decline from April to July.
Meanwhile, the Las Vegas Strip continued to benefit from another strong sports and entertainment calendar which included concerts, residencies, and high-profile sporting events.
As Lawton noted, Eddie Vedder was at Park MGM on October 7th while Usher returned to Park MGM from October 12-29. Van Morrisson performed at the Colosseum at Caesars Palace from October 7-9 while Panic at the Disco played at the T-Mobile Arena last October 2021.
On the other hand, the NASCAR Cup Series held the South Point 400 on October 6th and the Las Vegas Raiders hosted two home games at the Allegiant Stadium on October 2 and 23.
Las Vegas Strip Held Steady in October
For the first 10 months of 2022, gaming revenues were up by 12.3% versus 2021 with every market except South Lake Tahoe posting an increase.
The Las Vegas Strip held steady in October, recording $705.8 million in gaming revenue versus $702.1 million in October 2021, or a 0.52% increase on a year-on-year comparison. It is also a huge 31% increase over the $167.3 million made during October 2019, or before the COVID-19 pandemic struck. For the year, Strip gaming revenues are up 20% against the first 10 months of 2021.
Downtown Las Vegas posted a 19% increase with revenue increasing from $76 million to $90.4 million which surpassed the record of $86.4 million set last March. Boulder Strip recorded an 18% gain from $68 million one year ago to $80.3 million in October.
Elsewhere, Laughlin was up 9.78% in October, Mesquite a 7.55% increase, Reno a 3.2% gain, Sparks improved by 14% and South Lake Tahoe rose by 13.1%. South Lake Tahoe dropped by 9.25%.
Slot Machines Still Main Source of Gambling Revenue
Slot machines continued to be the main source of Nevada’s gambling revenue, accounting for $877.3 million of the total. October’s slot revenues are 11.0% up on a year-on-year comparison. Multi-denominated slots made up $454 million of total slot revenue while penny slots generated $307.8 million last month.
Meanwhile, revenue from table, counter, and card games stood at $403.4 million. That figure represents a 6.4% decline from October 2021’s $431.0 million. Of that total, Blackjack accounted for $130.6 million while baccarat, craps, and roulette followed, in that order, at $66.4 million, $37.3 million, and $33.0 million.
Sports betting, which formed part of the table, counter, and card games total, amounted to $56.9 million. That represented an increase of 17.8% from last year’s $48.3 million. The Nevada Gaming Control Board noted that $27.4 million of this came from mobile sports betting.
Football was the top sport as far as sports wagering was concerned with $33.3 million of the total. Meanwhile, baseball betting was second at $7.8 million with basketball coming in third at $6.3 million. The NFL and NBA seasons were in full swing during the month while MLB was about to end.
