A great month
More gaming revenue records have been broken in Nevada. According to the Nevada Gaming Control Board report on Thursday, the casinos on the Las Vegas Strip, Clark County, and Nevada as a whole all hit all-time high gaming revenue figures for April.
total revenue for the month was $1.128bn
April also marks the 14th month in a row that the total gaming revenue in Nevada surpassed the $1bn mark. The total revenue for the month was $1.128bn, representing an 8.6% year-on-year rise and is 20.5% greater than the pre-pandemic April 2019 figures. It has been a very strong start to the year in Nevada. Total gaming revenue for the first four months of the year is 28.4% greater than the same period in 2021.
Clark County makes up the vast majority of gaming revenue each month, accounting for $960.5m in April. The Las Vegas Strip, which is in Clark County, recorded $593.5m in revenue, which is almost 23% greater than April 2021 figures. However, downtown Las Vegas’ numbers dropped 11.4% year on year. The Boulder Strip and North Las Vegas also experienced drops. Mesquite and Laughlin counties did see increases year on year.
Visitor numbers on the rise
Breaking down the gaming revenue figures, slot machines account for $804.1m of the state-wide gaming revenue total. Table games generated $324m in revenue, while baccarat win was almost $52m. Total sportsbook revenue was $25.4m, a 7% decrease year-to-year. However, the total betting handle for the month was $582.6m, a 27% rise from April 2021. Online sports betting continued its dominance in Nevada, representing 73% of all sports bets in April.
Las Vegas is rebounding strongly from pandemic-related struggles
It appears that Las Vegas is rebounding strongly from pandemic-related struggles. International visitor numbers are on the rise and will continue to boost gaming revenue numbers and the hospitality sector as a whole according to analysts. In April, international visitor figures were at their highest levels since before the pandemic. The majority of non-stop flights have resumed. One of the main exceptions is the non-stop flights between Beijing and Las Vegas.
Special events gave a helping hand
Some of the drivers behind April’s record numbers were social events that took place in Nevada during the month. This included the likes of the NFL Draft, four sold-out concerts by the Korean band BTS at Allegiant Stadium, the National Association of Broadcasters convention, and the Palms casino resort reopening.
However, one analyst did note that the impact of the NFL Draft was not as much as initially expected. The NFL had forecast having more than 600,000 fans at the event. The eventual attendance, though, was reportedly less than half that. Gaming industry analyst Carlo Santarelli also noted that those who did attend seemingly did not have a high propensity to gamble. He also mentioned that room prices on the Las Vegas Strip on the Thursday of the Draft (the first of three days) were low.