Friday, December 2, 2022

Las Vegas Strip gaming revenue up 23 year-on-year for April

The Las Vegas Strip generated $593.5m in gaming revenue this April, up 23% year-on-year. 

This is a record amount for Las Vegas in April, and is attributable to double-digit growth from slots and table games.  

The Strip’s record month comes despite a similar hold for baccarat and blackjack. 

And, unsurprisingly, the Strip’s growth was the strongest of all Nevada’s markets. Its revenue numbers helped state revenue grow almost 9% to $1.13bn for April. 

April is the 14th straight month in which Nevada has posted over $1bn in revenue. 

Despite this growth from the Strip, other regions in Nevada suffered annual falls.  

Downtown Las Vegas suffered the biggest year-on-year downturn; revenue dropped over 11% year-on-year. This was followed by Boulder, which saw revenue fall 10% from April 2021, and North Las Vegas, which fell almost 6%. 

These figures suggest less gambling activity undertaken by locals, given the Strip’s high popularity with tourists.  

Casino operators affected by less active locals include Red Rock Resorts, Golden Entertainment and Boyd Gaming. These casinos did, however, post strong Q1 reports this year due to revenue in other US regions. 

Naturally, Las Vegas’ increased revenue has strengthened alongside higher visitation figures. An estimated 3.38 million people visited Vegas this month, representing a 31% increase year-on-year. 

Visitation numbers for the month fell just 5% below pre-Covid levels, despite convention attendance being almost 29% below pre-Covid levels. 

The NFL Draft was hosted in Las Vegas this April, which no doubt boosted outer-state and international visitation figures. It helped room rates grow more than 30% year-on-year at the least.

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