Nevada casinos are set to post nearly $15 billion in revenue for 2022

On Tuesday the Nevada Gaming Control Board (NGCB) announced its December 2022 financial results and full year figures.

Aside from Nevada casinos, the results also include gambling revenue from the state-licensed:

  • sports betting
  • Pari Mutuel betting on the live races
  • poker rooms
  • Game terminals in restaurants

Nevada gaming industry sets new annual revenue record

With December’s performance, Nevada ended 2022 in style with more than $14.8 billion in gaming revenue. Surpassing the state’s previous all-time best of $13.4 billion in 2021.

It’s finally safe to say that the state’s gaming industry is back on track. It was after the past two years that the state was suffering from the depression caused by the pandemic.

In an article by forbes, Michael Lawtona senior economic analyst at the Nevada Gaming Control Board said:

“The year came as no surprise, we knew we were going to set a record for a few months. It’s a great year in terms of comeback and shows the strength of our gaming tourism industry.”

With $814 million in gaming revenue, the Las Vegas Strip set an all-time monthly best in December 2022. It was a 25% increase compared to December 2021.

Casinos and sportsbooks in Nevada are on the rise

Gross gaming revenue in Nevada exceeded $1.31 billion in December. It was the 22nd straight month that gaming revenue in Nevada exceeded $1 billion. Nevada’s gaming revenue hit $13.5 billion through November, compared to $13.4 billion in 2022.

The Las Vegas Strip has more than contributed to this success $8.2 billion from the total of the state in the year. This was a 17.1% increase compared to its performance in 2021.

In December, players wagered almost $5.8 billion on slots, which was the most profitable month in history. Slots earnings reached a whopping $803.5 million, while table games and sports betting brought in nearly $510.9 million.

During the whole year, Slot machines generated sales of 10 billion US dollars across Nevada in 2022. Slots revenue accounted for 67.4% of total gaming revenue, which is 9.8% of total slots revenue at $3.59 billion.

With $4.83 billion Table games also set an annual turnover besta 15.3% increase compared to 2021. Meanwhile, sportsbook generated $446.7 million in revenue on $8.7 billion in bets.

The constant demand for gambling drives players to Vegas

Several factors fueled Nevada’s record year for gaming revenue.

Many effects helped attract visitors to Las Vegas. But one of the strongest factors has been a constant demand for gambling. Many tourists consistently choose to travel to Vegas despite inflation.

According to the Las Vegas Convention and Visitors Authority report, almost 40 million people came to town in 2022. That’s an increase of 20.5% since 2021.