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Nevada Casinos See $1B+ for the 20th Month as Harry Reid Travelers Cross 5MThe Silver State is four months away from hitting a two-year sweep of raking in over $1 billion monthly GGR following October’s ten-figure revenue. On the other hand, Harry Reid saw over 5 million monthly travelers for the first time.
October marked the 20th straight month of a ten-figure haul for Nevada’s casino industry, and it doesn’t look like the momentum will stop any time soon. According to a report released by the Nevada Gaming Control Board (NGCB), Nevada casinos reported $1.28 billion of Gross Gaming Revenue (GGR) in October 2022. The shinning performance topped last year’s win in the same month by 4.8% and is an impressive 20% jump compared to the pre-pandemic October 2019.
The numbers reported in the last ten months indicate that 2023 will most likely mark a new yearly record, beating 2021’s $13.4 billion all-time high. Moreover, analysts have predicted that the Silver State is on track to overthrow last year’s annual record in just 11 months. October’s windfall brings this year’s total to $12.3 billion, which is over 12% higher than the numbers reported during the same 10-month period last year.
A steady event calendar comprising sporting and entertainment-related activities played a significant role in the unsurpassed gaming record. In October, there were several of these events, the most notable being the South Point 400 NASCAR Cup Series at the Las Vegas Motor Speedway. There were also two Las Vegas Raiders home games at Allegiant Stadium and Eddie Vedder, Van Morrison, and Usher concerts at Park MGM and the Colosseum, respectively.
Nevada’s Shining Win Reflected Not Just on The Strip
The American Gaming Association (AGA) recently reported that nationwide, there was a 15% increase in gambling revenue for the first nine months of the year. This performance is a sure indicator that inflation has not had much effect on gamblers’ spending habits, unlike other sectors in the US.
Narrowing it down to Nevada, the state has already surpassed pre-pandemic figures on The Strip and neighboring markets. For example, the Boulder Strip saw an 18% rise in revenue while Downtown Las Vegas reported a 19% increase, both of which are no mean feats. Apart from North Lake Tahoe, which recorded a 9.26% decrease from October 2021, all other regions also reported a revenue surge.
With these stats, NGCB senior economic analyst Michael Lawton noted:Quote
“This represents the largest increase recorded by these markets since February… The combined markets have now recorded increases year over year in three consecutive months after experiencing four successive (monthly) decreases.”
Slot Machines Stay at the Top of Nevada’s Gaming Scene
Breaking down the total revenue by casino game, slot machines brought in the biggest chunk of income, with a total of $877.3 million collected in October. The figure is an 11.5% increase from last year.
On the other hand, table and card games were down 6.4% as they generated a $403.4 million GGR for the month. Baccarat came in third with a $66.4 million GGR, denoting a 28.1% dip from October 2021.
As for sports betting, the Silver State’s sportsbooks saw a 17.7% year-over-year revenue leap after bringing in $56.9 million. Additionally, October’s 6.17% hold percentage was up 4.39% from the same month last year. Speaking of winning streaks, October marked the fourth consecutive month that Nevada saw $50 million plus monthly sports wagering income, with September recording a $51.7 million haul.
On the other hand, sports wagering was down 16.3% compared to 2021, as the handle was $920.8 million. About 66% of wagers were placed on collegiate and professional football. Overall, the first ten months recorded a 1.1% revenue decline to $353.2 million, even though the handle was 13.9% more than in 2021.
No. of Monthly Travelers at Harry Reid Airport Crosses 5 Million
Nevada, particularly The Strip, has been a magnet for many local and foreign visitors for decades. Thus, returning to normalcy after prolonged drawbacks from the Covid-19 pandemic is a breath of fresh air as travelers have been flocking to Sin city in search of much-needed thrills.
As the Silver State continues to revel in its unsurpassed streak, the number of monthly visitors was the highest ever recorded at 5.17 million persons. Further, per the Clark County Department of Aviation and the Las Vegas Convention and Visitor Authority, Harry Reid International Airport broke its 4.9 million July 2022 record.
Interestingly, Harry Reid stakeholders and partners may have anticipated this outcome when the year began, as airlines had already started expanding their capacities and routes to accommodate more passengers. The traveler count has peaked since June, as visitation rates stayed above 4.6 million passengers. October is the first time in the Airport’s history that the count has exceeded 5 million visitors, after smashing July’s 4.9 million visitation record. This historic passenger count was 23.7% higher than in October 2021.
Meanwhile, 4.8 million of the passengers flocking in through the Harry Reid used domestic airlines, increasing the number by 19.8%, year-over-year. On the flip side, the number of passengers using international flights also went up by 178.9% to 286,000 travelers compared to October last year.
Lifted Travel Restrictions Are to Thank for the Steady Visitor Volume
As remarkable as the visitation volume has been in the past couple of months, it is not much of a surprise given that travel restrictions were lifted in the Silver State. As different industries continue to recover from the pandemic, it follows that some would tend to spring back sooner than others.
The travel industry is one of them, given how essential it is in several aspects of business and everyday life. Hotel occupancy not only went up, but visitors paid historical amounts as room rates were upped by 20% from September and over 55% higher than in 2019, before the pandemic.
Following the continued success of the past five months, the Clark County Aviation office has started planning renovations to increase the parking capacity at Terminal One garages. They have been maxing out on both weekends and weekdays. Until renovations are complete, visitors have been advised to use the economy parking lot north of Terminal One. The other option is to park at the long-term parking at Terminal Three and access Terminal One via shuttle buses.
Clark County Director of Aviation Rosemary Vassiliadis told reporters;Quote
“To accommodate these vehicles and enhance the customer experience, we will begin a months-long project early next year to increase public parking options in and near these garages. Serving more than 5 million passengers in a single month is a milestone achievement and is further evidence that Las Vegas remains among the most in-demand destinations in the world.”
Formerly McCarran International Airport, Harry Reid is still going through a transition where the signage, stationery, and everything else is supposed to reflect the new name. The $7 million project is still underway, and even as the October report came out, the crew was on site.
Two-Year Monthly Billion Dollar Streak Loading for Nevada’s Gaming
As the rest of the world complains about a post-pandemic recession that has led to an astronomical rise in prices and unemployment rates, Nevada seems to be singing a slightly different song.
The apparent inflation has not deterred tourists from flocking to the Silver State, hence the record-breaking streak that will hit two years if sustained for four more consecutive months. Well, from the look of things, there is a high chance that with the FIFA World Cup in progress, November and December will mark two more billion-dollar months.
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