Nevada's casinos have eclipsed their records in a dazzling display of resilience and robust growth.
During 2023, Nevada hotel & casino resorts set a new benchmark in the gaming industry with $15.5B in gaming revenue.
This incredible achievement – the third consecutive year of record-shattering GGR – underscores the robustness of Nevada's gambling industry.
Of all the counties, territories, and enclaves, the Las Vegas Strip (LVS) shines brightest. A whopping $8.9B in revenues was generated in 2023 – a testament to the magnetism of Las Vegas casinos.
It's a story that casino stakeholders know too well. After the industry collapsed under the weight of COVID-19, it came roaring back to generate an extraordinary recovery.
Before 2021, Nevada's annual gaming revenue hovered around $12B, a figure that was dramatically impacted by the pandemic. The closure of casinos for 78 days in 2020 and the attendant operational restrictions could have been a KO blow for Las Vegas casinos.
Instead, it became a catalyst for unprecedented growth. By 2021, the Silver State's gaming revenue rebounded to $13.4B, beginning an upward march that would hit $14.8B in 2022 and a stunning $15.5B in 2023.
The closing month of 2023 saw casinos statewide rake in $1.43B, a new record for single-month revenue. This surge wasn't isolated to December.
Throughout the year, casinos in Nevada generated revenue records 75% of the time. This bodes well for the industry's robust health and contributes to the state's economy.
The Las Vegas Strip, with its world-famous skyline and electric energy, was the engine room of this growth.
Introducing high-profile special events, including the adrenaline-loaded Formula One (F1) Las Vegas Grand Prix and the Sphere and Fontainebleau Las Vegas grand openings, played an important role in attracting visitors and boosting revenues.
All these high-profile events showcased Las Vegas's capacity to host world-class entertainment. Plus, it reflects Las Vegas' ability to reinvent itself, offering visitors new and exciting experiences.
40.8M Visitors Visited Las Vegas in 2023
Beyond gaming tables and slot machines, Vegas's allure as a top tourist destination is evidenced by the number of visitors.
Over 40.8M visitors graced Las Vegas in 2023, although slightly lower than the record 42.9M visitors. This is an incredible achievement, especially considering the cutbacks following the pandemic.
And Harry Reid International Airport shattered its passenger volume record, accommodating over 57.6M. This underscores Las Vegas's position as a global entertainment hub.
The Strip's dominance in the gaming sector was unmistakable, with revenue increases accounting for a significant chunk of the state's overall growth.
Yet, the vibrancy of Nevada's gaming scene was not confined to the iconic Las Vegas Strip. Downtown resorts, Las Vegas local casinos, and other areas like Mesquite, Sparks, and Elko County all set new annual records. This presents as an industry in the ascendancy.
Nevada's sportsbooks also hit new highs, generating a record $481.3M in gaming revenue in 2023. This achievement, boosted by significant growth in mobile sports betting, highlights the evolving preferences of bettors and the industry's adaptability to these trends.
As we reflect on a remarkable year for Nevada's casinos, it's clear that the state's gaming industry is about much more than breaking records. It's a tale of resilience, innovation, and the unyielding spirit of a sector that continually evolves and adapts.
The record-shattering revenues are a testament to the enduring appeal of Nevada's gaming and entertainment selections, as well as the strategic investments that keep it at the forefront of the gaming industry.
The Silver State's glittering casinos and vibrant entertainment scene have once again demonstrated an unparalleled capacity for innovation. As we project ahead, there's an air of anticipation for what new records and achievements await in 2024.
The state's ability to continuously attract millions of visitors and its commitment to offering an array of entertainment options ensures that Nevada will remain a hub of excitement and prosperity in the gaming industry.
December 2023 GGR According to the Nevada Gaming Revenues and Collections
| Category | December 2023 Win ($m) | Year-Over-Year Change (%) | FY 2023-24 Win To Date ($m) | FY to Date Change (%) |
|---|---|---|---|---|
| Statewide | 1432.63 | 9.04 | 8005.95 | 5.49 |
| Clark County | 1269.78 | 9.75 | 6946.12 | 6.33 |
| Las Vegas Strip | 905.40 | 11.20 | 4683.77 | 8.53 |
| Downtown Las Vegas | 75.88 | 10.34 | 452.33 | 2.60 |
| North Las Vegas | 24.89 | -0.84 | 141.82 | -0.81 |
| Laughlin | 31.52 | -2.41 | 242.43 | 2.37 |
| Boulder Strip | 67.71 | 6.12 | 469.47 | 0.96 |
| Mesquite | 16.42 | 3.28 | 87.95 | -0.95 |
| Balance of County | 147.95 | 8.10 | 868.35 | 3.07 |
| Washoe County | 80.35 | -2.87 | 544.33 | 0.99 |
| Reno | 54.88 | -7.21 | 388.21 | 0.84 |
| Sparks | 15.17 | 5.75 | 93.71 | 1.97 |
| North Lake Tahoe | 2.11 | 2.61 | 14.36 | -1.23 |
| South Lake Tahoe | 16.12 | 2.99 | 135.54 | -5.35 |
| Elko County | 36.42 | 14.96 | 203.99 | 1.81 |
| Carson Valley Area | 11.71 | 13.51 | 68.72 | 1.80 |
| Other | 18.25 | 10.88 | 107.25 | 0.51 |
| January 2024 Percentage Fee Collections | 84.92 | 27.27 | N/A | 6.18 |
This table captures the gaming wins across different areas, highlighting year-over-year (Y-o-Y) changes and fiscal year-to-date comparisons.
The table also includes a specific note on percentage fee collections for January 2024, providing a comprehensive overview of the financial landscape for Nevada's gaming industry as of December 2023.
Statewide Percentage Fee Collections
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January 2024: $84,924,974 (based on December 2023 revenues), a 27.27% increase from January 2023.
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FY 2023-24 to date: 6.18% increase in percentage fee collections compared to the same period in FY 2022-23.
These numbers certainly don't tell the full story of Nevada's gaming sector. This story is still being written, with new chapters added each year. As the regulated gambling industry looks ahead, there is a sense of appreciation for past achievements and anticipation for the future.
The stage is set for another year of record-breaking performances, innovative casino game offerings, and unmatched entertainment.
By all admissions, 2024 is shaping up for another bumper performance, with major stars headlining and plenty of gaming options for visitors to enjoy.
*Credit for all of the photos in this article belongs to Alamy*