Nevada Casinos Break Record for Third Consecutive Year
The state of Nevada has once again achieved record-breaking profits from its casinos, marking the third consecutive year of unprecedented success. The Nevada Gaming Control Board (NGCB) announced that the total gaming income for 2023 reached a staggering $15.5 billion, making it the highest single year on record.
This remarkable feat was attributed to the sustained demand for gaming and the multitude of special events hosted in the state throughout the year. The NGCB also revealed that gaming earnings records were set across various regions, including parts of Washoe and Clark County, as well as Wendover and Elko County.
Senior economic analyst Michael Lawton highlighted that casinos in Nevada broke “all-time” gaming earnings records for nine out of twelve months in 2023. The top three months in terms of earnings were December, November, and July, with December alone generating $1.43 billion, representing a 9% increase from the previous year.
In addition to the monthly records, the annualized gaming income for 2023 increased by 4.6% compared to 2022, contributing an additional $679.3 million to the casinos in the Silver State, with the Las Vegas Strip accounting for 90.3% of this increase.
The preceding two years have also seen substantial growth, with 2022 generating $14.8 billion and 2021 reaching $13.4 billion in gaming income. Lawton noted that comparing the data from 2019, total yearly gaming earnings rose by 29% in 2023.
However, in Washoe County, the picture was slightly different. The county experienced an 8.9% drop in gaming income during the first quarter of 2023, largely due to inclement weather. Despite this setback, casinos in the county saw an increase in gaming income during the second, third, and fourth quarters, ultimately grossing $1.04 billion for the entire year. This marks the third consecutive year that Washoe County surpassed $1 billion in yearly gaming income.
Despite Washoe County’s overall decrease in gaming income, some sub-markets, such as Sparks casinos, saw positive results, with record levels of gambling income for 2023. Sparks casinos managed to earn approximately $15.2 million in gaming income for the last month of 2023, reflecting a 5.75% growth from the previous year’s earnings.
The impressive performance of Nevada’s casinos in 2023 has solidified the state’s position as a leader in the gaming industry, with the potential for continued growth in the years to come.