Nevada’s Gaming Industry Hits a $1.31 Billion Record Revenue Level in October 2023

The state's gambling industry brought in over $1.31 billion in gross gaming revenues in October 2023, setting a new monthly record, according to information released by Nevada's Gaming Control Board. According to the report, October's revenue increased by 2.7 percent over October 2022.

Record of $1.31 billion:

The record hit in October represents the sixth-highest revenue level for a single month, according to the Nevada Independent. The majority of the amount came from Reno and the surrounding gaming markets in Las Vegas; the Las Vegas Strip alone brought in $714.5 million. Even so, the elite gaming section saw a 1.2 percent year-over-year increase, mostly due to the $89.8 million in revenue from high-end baccarat.

3.5% Above the Record for 2022:

The senior economic analyst for the control board, Michael Lawton, reportedly stated that following more than two years of consecutive monthly increases, the Strip casinos saw a brief drop in sports betting and slot machine revenues.  The source claims that October gaming revenues increased 5.7% in Las Vegas markets. In the same month, gaming revenue increased by 10.3 percent thanks to $88.6 million generated by casinos on the Boulder Strip in Clark County, which includes Henderson. With the Strip seeing a 5.4% overall increase over the same period, Nevada's gambling revenue for the first ten months of 2023 is already 3.5% higher than the record of $14.8 billion set in 2022.

5.5 Million Passengers:

According to the Nevada Independent, the Harry Reid International Airport's outstanding performance—which saw nearly 5.5 million passengers in a single month—also contributed to the record October revenues. Over 315,000 foreign visitors were registered at the facility for the first time since January 2020. According to reports, Lawton claimed that "the incredible airport passenger totals include local passengers as well," meaning that both domestic and foreign visitors increased the gaming numbers.

34.1 Million Viewers:

Due to the record number of travelers, Las Vegas' occupancy rate of 86.7 percent is comparable to that of the same month in 2022. However, the global center of entertainment welcomed over 34.1 million visitors over the course of ten months in 2023, marking a 5.8% increase over the same period in 2022.According to reports, Vice President Kevin Bagger of the Las Vegas Convention and Visitors Authority stated that October's revenue per available room of $204.53 and average daily hotel room rate of $233.22 set records for the Strip that surpassed those set in March. The source stated that U2, Ed Sheeran, and Pink's stadium appearances in addition to the home games of the Las Vegas Raiders drove the occupancy rates.