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Posted on: April 26, 2023, 09:38h.
Last updated on: April 26, 2023, 09:47h.
Nevada gaming revenue last month totaled a little more than $1.3 billion, a 3.2% year-over-year decline from March 2022.
The Nevada Gaming Control Board published the March 2023 gross gaming revenue (GGR) numbers this week, revealing a bit of a slowdown in the world’s richest gaming market. The income decline was propelled by the Las Vegas Strip as casinos on the main drag won about 3% less money on their slots and tables.
Strip GGR in March 2023 was $724.5 million, 2.9% below March 2022. The year-over-year decline was primarily incurred on the felt as revenue from table games tumbled almost 14% to approximately $302.2 million. A steep 50% decline in baccarat and a 35% drop on roulette was most responsible.
Downtown Las Vegas continued its winning ways. Fremont Street and the surrounding casinos in Las Vegas City saw GGR climb 1% to $87.4 million.
Difficult Comparables
Though statewide casino revenue last month dropped more than 3% from March 2022, Nevada’s gaming industry managed to keep its $1 billion monthly streak intact. March’s $1.3 billion haul marks the 25th consecutive month where GGR has been in excess of 10 digits.
Prior to the record run, Nevada’s longest streak of $1B+ in monthly gaming win was just eight months. That stretch ran from October 2006 through May 2007.
Michael Lawton, the NGCB’s senior economic analyst, says comparables are becoming increasingly difficult as the state’s gaming interests experienced a rush of pent-up demand in the two years following pandemic-stricken 2020.
Despite the 3% year-over-year setback, Lawton says the health of the Nevada gaming industry is vigorous. Lawton highlighted the $1.36 billion won in March 2022, which was the state’s second-best month ever for gaming win behind only July 2021.
John DeCree, a global gaming analyst at CBRE Equity Research, said March is the “toughest comp of the year.”
March 2022 experienced some pent-up demand from Omicron disruption in January and February. Adding to the unfavorable comparison, the Strip held very lucky in baccarat in March 2022 while record snowfall significantly disrupted Northern Nevada casinos in March 2023,” DeCree explained.
Washoe County, home to Reno, reported March 2023 GGR of $79.5 million, a 6% year-over-year loss.
Less Gaming, More People
The Las Vegas Convention and Visitors Authority (LVCVA) reported that more than 3.65 million visitors came to Southern Nevada in March, a nearly 10% year-over-year increase. The spike was fueled by the ongoing return of convention business, as exhibition traffic surged 40% to 771K attendees.
Officials at Harry Reid International Airport added that Las Vegas’ primary commercial airport served 16% more passengers in March 2023 than in March 2022. That increase was led by international passengers, which surged 64%.
The average nightly hotel room on the Strip was $228.46, about $55 more than what the same rooms went for in March 2022. Strip casino rooms reported a March 2023 occupancy rate of nearly 91%.
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