Nevada casino gaming win in May was flat against year-ago figures, in line with analysts’ forecasts – but Clark County reached the $1 billion mark again after its 11-month streak ended in April, boosted by a solid Las Vegas Strip performance. On Wednesday, the Nevada Gaming Control Board reported overall state revenue of $1.29 billion, just 0.8% off May 2022’s mark.
As for Clark County, its 219 casino licensees won $1.1 billion from players, down 1% from last year. Casinos on the renowned Strip led the state’s gaming win, reporting $715.9 million and helping Nevada reach its 27th consecutive month of win over $1 billion. All in all, the casino industry remains solid, but comparative results are becoming increasingly challenging.
“The state has recorded decreases in two of the last three months,” said Michael Lawton, senior economic analyst for the Control Board, as reported by Las Vegas Review-Journal. “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. Needless to say, the comparisons are going to be the most difficult the state has ever faced.”
The @NevadaGCB has published its Abbreviated Revenue Release for May 2023 (~$1.289 billion): pic.twitter.com/xIiFJSW2Kr
— Nevada Gaming Control Board (@NevadaGCB) June 28, 2023
May proved to be a mixed bag for the state’s 20 casino markets: only seven of them posted higher results than last year. Southern Nevada’s worst performer was North Las Vegas, off 6.6% from May 2022 to $24.2 million; white outlying Clark County was up 6.5% to $150.2 million.
The market with the most improved performance in the month was South Lake Tahoe, up 11.3% to $19.5 million, while the biggest decline statewide corresponded to North Lake Tahoe, off 20% to $1.7 million. Meanwhile, Strip gaming fell 2.1% to $716 million, and downtown Las Vegas was down by 6.6% to $73.6 million.
Despite the drops and flatness in some Nevada markets, May numbers were still strong, as the statewide total was the eighth-highest month of all time. Meanwhile, Clark County’s and the Strip’s figures were the ninth best ever, and downtown Las Vegas posted its 15th highest all time.
The Las Vegas Strip drove overall revenue for the state in May
And all in all, casinos have been performing well over the past year. So far this fiscal year (July 1-June 30), the gaming win is up 3.8% over 2022, raking in $13.8 billion through the end of May.
May’s gaming win by segment
While slot machine and sports wagering revenue were up in May when compared with the previous year, table games were down. Slot win was $877.9 million, up 0.9%, while coin in – the amount inserted in machines – was down 0.8% to $11.8 billion. Slot win percentage was 7.43%, which was slightly up from 7.31% in May last year.
For its part, table and card games win was $411.2 million, down 4.4% from May 2022, with game drop off 7.9% to $2.7 billion. Game hold was 15%, up from 14.5% in 2022. As for individual games, blackjack win was down 2.7%, while craps win was down 19.4%. Baccarat win was also down to $133.8 million, decreasing 0.5%.
Meanwhile, Nevada sportsbooks managed to win more in May 2023 than in the same month last year, up 11.4% to $30.1 million. Bettors wagered $527 million, down 6.2% from 2022, but the hold percentage of 5.7% was stronger than 4.8% last year. Of the total, $358 million was bet from mobile devices, down 10% from last year.
Original article: https://www.yogonet.com/international/news/2023/06/29/67710-nevada-gaming-win-flat-in-may-state-still-surpasses-1b-mark-for-27th-consecutive-month
