Nevada has posted revenue of $1.27 billion for January. The figure implies an 18% increase from the $1.07 billion reported in January 2022, and was led by strong casino revenue throughout Las Vegas. With this new report, the state has now recorded its 23rd consecutive month of exceeding $1 billion in revenue.
The year-on-year jump was helped by the Covid-19 restrictions that slowed down visitation in January last year. Table, Counter and Card Games revenue represented $425 million of the total revenue, while Slot Machines revenue took the lion’s share at $847 million. The former climbed 23% year-on-year, while the latter jumped by 16%.
Meanwhile, sportsbooks saw flat win growth for the month at $50.4 million, while Baccarat was strong again with a 38% year-over-year jump to $89.9 million. Silver State bookmakers fell short of the legal sports betting record they set in January 2022, as they handled $936.5 million, down 15.6% compared to a year earlier.
Mobile wagering accounted for more than half of this January’s sports handle in Nevada, as betting with online sportsbooks was $581.5 million, down 26.2%. However, on a positive note, Nevada sports betting was up month-over-month, as the $936.5 million in January action topped December’s $880.4 million in handle.
The renowned Las Vegas Strip had a solid performance during the first month of the year, with revenue climbing 15% year-on-year to $763.5 million. For its part, Downtown Las Vegas posted a 24% revenue hike year-on-year, increasing to $83.9 million.
The Douglas County South Shore Lake Tahoe area also saw revenue climb 24% on a yearly basis to $19.8 million, with the Washoe County Reno area revenue dropping 20% year-on-year to $42.5 million. Revenue for the Washoe County North Shore Lake Tahoe area declined 14% to $1.9 million, with Elko County revenue increasing by 3% from January 2022 to $32.6 million.
The $1.27 billion in total revenue sets Nevada for a strong start to the year. However, analysts with the Nevada Gaming Control Board noted that growth rates could slow down this year against tougher comparables. “January and February of 2022 represent the softest comparisons the Strip will be facing for the rest of the year,” noted senior economic analyst Michael Lawton.
Original article: https://www.yogonet.com/international/news/2023/03/01/66269-nevada-sees-almost-13b-in-revenue-for-january-topping-1b-for-the-23rd-consecutive-month
