Nevada losing its monthly winning streak as June 2022 record earnings hard to replicate.
The gaming industry in Nevada had a difficult month in June as it struggled to meet record numbers set in 2022. The overall gaming win for the state of Nevada, totalling $1.25 billion, fell by 2.4% in June according to the Nevada Gaming Control Board’s most recent press release. For their part, casinos were able to rake in over $1 billion, but this figure represents a loss of 3.5% month-on-month.
While the decline in gaming win is not to be ignored, it is not a surprising one. Given the number of all-time monthly revenue highs achieved in 2022, maintaining the gains recorded since 2019 becomes a losing battle. According to Michael Lawton, senior economic analyst for the Control Board, comparing results is fraught with challenges.
However, a look at fiscal year results paints a brighter picture. Despite the dip in gaming win for June, the state-wide totals for fiscal year periods July 2022 to June 2023 generally show promising growth. Indeed, the overall win on the Las Vegas Strip during the 2022-23 fiscal year, witnessed a rise of 4.8%, reaching an impressive $8.53 billion compared to $8.14 reached in the previous year. The Las Vegas Strip saw just over 1% decline in June 2023 compared to the same month in 2022.
Nevada nonetheless managed to report gambling win amounts in June 2023 that were higher than pre-pandemic results. In comparison to June 2019, the state’s overall gaming win increased by $204.9 million, or 19.7%. Notably, Nevada’s monthly gaming gain exceeded $1 billion for the 28th straight month this month.
Special events, such as high-profile performances by the likes of Adele and James Taylor have brought in the crowds to the Las Vegas casinos. The World Series of Poker also helped rake in the business, increasing poker play across Southern Nevada.
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