Nevada Shatters Record with $1.4 Billion in July Gambling Income

In July 2023, Nevada casinos broke monthly gaming win records, earning $1.4 billion, a 6.7% increase from the previous year. Clark County earned $1.2 billion, with licensed casinos on the Strip earning $834.9 million, representing a record for that market. Slot machines and baccarat earnings contributed to the significant growth in profits. The state’s senior economic analyst, Michael Lawton, attributed the record win amounts to slot win and baccarat figures. In addition, Nevada’s profit level exceeded pre-pandemic levels, with total gains nationwide up 37% compared to July 2019, marking the 29th consecutive month that the state made over $1 billion in monthly gaming profits.

The Strip’s success was due to an event-packed calendar, including Independence Day, entertainment residencies, and sports events. The influx of tourists to the Strip also increased earnings, with hotel occupancy rates increasing. Sportsbooks saw a 55.7% increase in profit from the previous year, with mobile bets accounting for 65.7% of total sports bets. Gaming taxes generated $95.8 million in percentage fees from casinos, up 5.9% from the previous year.

Overall, the increase in profits for Nevada casinos coincided with good profit results from casinos across the country. The American Gaming Association announced income of $16 billion for the period ending on June 30, up 8.1% from the same quarter in 2022.

Despite economic headwinds, the trajectory for Las Vegas casinos is expected to continue, with a few bumps along the way. Gaming industry analyst Brendan Bussmann of Las Vegas-based B Global is encouraged about what’s in store for Las Vegas casinos in the months ahead.

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