Casino gaming continues to rise in Nevada despite trends showing that the overall US economy may be slowing. The Nevada Gaming Control Board reported a total gaming “profit” (revenue) of about $1.3 billion on Monday for the month of September.
This total represents a 1.7% increase compared to the same month in 2022, when casinos in the state reported just over $1.2 billion in game wins. These strong numbers could continue in the coming months as analysts predict a busy season with several major events on the horizon in Las Vegas.
Table games are on the rise, and slot machine wins are falling
Las Vegas Strip properties contributed $741 million to Clark County’s total of just under $1.1 billion. This is an increase of approximately 7% from $693.1 million in September 2022. However, downtown Las Vegas saw a decline from September of last year. Casinos in the area brought in $68.4 million, down 7.9% from $74.2 million last year.
Overall, table games were worth $456 million, up 16.6% from September 2022. Slot machine wins saw a 5.1% decline to $814.6 million from the same month in 2022, possibly due to the downtime. MGM Resorts during the recent cyber attack.
This was the 31st consecutive month that the state collected at least $1 billion in gaming revenue. For the state’s fiscal year to date, which runs from July 1 through Sept. 30, 2023, gaming wins rose 2.9% to $333.4 billion compared to $329.7 billion from the same time period the previous fiscal year.
The “hedonistic economy” is growing
Las Vegas casinos continue to expand beyond traditional gaming and reap financial rewards outside of gambling. the Las Vegas Journal Review He notes that the city continues to add to the “fun economy.”
Major sporting teams and events continue to attract visitors and new residents alike. The Las Vegas Review-Journal says the city is adding An average of 115 new residents per day.
“a UNLV This month’s Economic Development Report made clear how much more fun business has become Review magazine Notes. The report estimates that it represents $13.7 trillion globally, which would put it at 13.7% of GDP. gross domestic product ($100.7 trillion). This makes the submarket larger than apparel manufacturing, automobile manufacturing, agriculture and construction.
Las Vegas remains a leader in the industry and investments in other non-gambling attractions appear to be paying off.
