Nevada’s casinos have once again outdone themselves, setting a new record in December 2023. The state’s gaming venues brought in an astonishing $15.5 billion over the year, with December alone accounting for $1.43 billion of this total. This marks the third consecutive year that Nevada’s gaming revenue has broken records, showcasing the industry’s robust recovery and growth post-pandemic.
Las Vegas Strip Leads the Charge
A significant portion of this success can be attributed to the Las Vegas Strip, which reported a record $8.9 billion in revenue, making up more than 57% of the statewide total. The Strip’s performance was bolstered by high-profile events and the opening of new resorts, which attracted visitors from around the globe. Notably, the Las Vegas tourism sector saw over 40.8 million visitors in 2023, although this number fell short of the record 42.9 million visitors in 2016.
Statewide Success and Contributions
The gaming revenue surge wasn’t limited to the Strip. Casinos across Nevada, including downtown resorts, local casinos in Clark County, and establishments in areas like Mesquite and Sparks, all reported new annual gaming revenue records. This widespread success underscores the gaming industry’s vital role in Nevada’s economy, contributing significantly to state tax collections with $84.9 million generated in December alone.
Factors Fueling the Revenue Boom
Several factors contributed to the record-breaking revenue. The opening of the Fontainebleau on the Las Vegas Strip and the Durango Casino & Resort in Spring Valley played a crucial role in December’s success. Additionally, events like the National Finals Rodeo and performances by major artists attracted large crowds. The Las Vegas Grand Prix also made a significant impact, with the Nevada Gaming Control Board noting that November 2023, the month of the event, was the second most lucrative month ever for Vegas Strip casinos.
Slot Machines and Table Games See Growth
The revenue increase was driven by gains in both slot machines, which generated nearly $10.3 billion, and table games and sports betting, which brought in more than $5.2 billion. Slot revenue saw a 2.3% increase year-over-year, while income from table games and sports betting surged over 8%. This growth reflects the steady demand for gaming-related activities and the industry’s ability to adapt and thrive despite challenges such as inflation and rising interest rates.
Sportsbooks Set Records
Nevada’s sportsbooks also had a banner year, collecting a record $481.3 million in gaming revenue. December was particularly strong for sports betting, with $59.1 million in revenue marking the sixth-highest monthly winnings in the post-PASPA era. This success was fueled by significant revenue gains from bets on various sports, including tennis, golf, soccer, and auto racing, alongside traditional favorites like football and basketball.
Looking Ahead
As Nevada’s casinos celebrate a record-breaking 2023, the industry looks forward to continuing its growth trajectory. With ongoing investments in new resorts and entertainment offerings, along with the potential for more high-profile events, the future of Nevada’s gaming industry appears bright. The state’s ability to attract visitors and provide world-class gaming and entertainment experiences is a testament to its status as a global gaming leader.
December 2023 was a milestone month for Nevada’s gaming industry, capping off a year of unprecedented success. The state’s casinos have not only recovered from the challenges of the pandemic but have reached new heights, setting the stage for continued growth and prosperity in the years to come.
