Las Vegas, Nevada – The Nevada Gaming Control Board released a statement today announcing that the state’s casinos have broken previous revenue records, setting a new high in 2023. This milestone highlights a significant rebound in the gaming industry, which had seen declines during the global pandemic.
In the fiscal year of 2023, casinos across Nevada reported a total revenue of $13.4 billion, which is an increase of 15% from the $11.6 billion recorded in 2022. This growth has not only surpassed pre-pandemic levels but has also set a new benchmark for the industry. The increase in revenue is attributed to a surge in both domestic and international visitors, improvements in convention attendance, and a robust performance in the sports betting sector.
The Board’s report detailed that the biggest contributor to this upsurge was the Las Vegas Strip, which alone generated approximately $7.2 billion, marking an 18% increase from the previous year. Other significant contributions came from downtown Las Vegas and the Reno market, which also reported gains over the past year.
Michael Lawton, a senior research analyst at the Nevada Gaming Control Board, shared insights on the factors driving this record-breaking performance. “We’ve observed a remarkable recovery in all sectors, particularly with the return of international travel. Additionally, the integration of digital technology in operations and marketing strategies has enhanced the gaming experience, attracting a younger demographic,” Lawton explained.
Sports betting, a rapidly growing segment of the gaming industry, reached new heights with a total handle exceeding $8 billion in 2023, the highest in Nevada’s history. Mobile sports betting apps, which allow users to place bets conveniently from their smartphones, played a significant role in this growth. These platforms now account for nearly 65% of all sports wagers placed in Nevada.
The resurgence of conventions and live events also played a crucial role in boosting casino revenues. Major events like CES (Consumer Electronics Show), which returned to its full in-person format this year, brought hundreds of thousands of visitors to Las Vegas, significantly impacting casino foot traffic and hotel occupancy rates.
This financial boon comes as a relief to the state’s economy, which heavily relies on the gaming and hospitality sectors. Governor Steve Sisolak commented on the report, noting the positive impact on state revenues and job creation. “The gaming industry is a cornerstone of Nevada’s economy, and its health is vital to our socioeconomic stability. These impressive results not only reflect the strength and resilience of our gaming sector but also point to effective state policies in fostering a favourable business environment,” said Governor Sisolak.
Moving forward, the Nevada Gaming Control Board expects the positive trend to continue, with further innovations in gaming technology and more international events scheduled for the upcoming year. The state is also seeing a rise in investments in non-gaming amenities such as dining, entertainment, and leisure facilities, aimed at providing a more comprehensive tourist experience.
This report offers a promising outlook for the future of Nevada’s gaming industry, suggesting a continued growth trajectory that could set new records in the years to come. It also underscores the vital role that innovation and adaptation play in the sector’s ability to recover from economic downturns and thrive in a competitive market.
For Nevada and its bustling casino industry, the future looks not just bright, but also increasingly digital and diverse, as it adapts to new markets and technologies. With its robust recovery and strategic planning, Nevada continues to reinforce its position as a global leader in the gaming and entertainment industry.