Summary
- This month generated 18% more than January 2022.
- Las Vegas helped pull in the larger totals.
- Nevada has seen 23 consecutive months of $1 billion in revenues.
Gambling regulators in Nevada have provided details on the latest casino revenue figures, showing the state generating over $1.2 billion for January 2023.
The figure shows 18% growth from last year, with major help from Las Vegas venues. Nevada has seen twenty-three months in a row of consistent $1 billion earnings.
Huge Growth as COVID-19 Restrictions Slow
The year-over-year increase was a huge relief for casinos as they continue to recover from the COVID-19 pandemic. Last year, the state was still subject to some restrictions due to the virus, so 2023 was an even better months thanks to the lack of regulations in place.
Table, card, and counter games brought in $425 million in earnings with slots more than doubling that amount at $847 million. Slots were up by 16% when compared to the same time frame in 2022 while the table game sector jumped by 23%.
Sportsbooks generated just over $50 million in revenues, which was a flat total. Mobile sports betting counted for more than 50% of the sports handle in January for the state with betting dropping over 26% to $581.5 million wagers.
Baccarat was up more than ever, with casinos earning over $89 million. This was a 38% increase from 2022.
Breakdown of Earnings by Location
Each location across the state that offers gambling fared well, with the Las Vegas Strip turning in a top performance for 2023. The region gained 15% from last year, with just over $763 million in earnings. The downtown area saw a good return as well, with a 24% increase with just over $83 million in earnings.
The Douglas County area was up 24% with $19.8 million in earnings. The Reno area of Washoe County brought in just over $42 million which was a decrease of 20%. The North Shore Lake area also saw a decrease, earning $1.9 million. Elko County was up by around 3% with more than $32 million in earnings.
The huge January total gets Nevada off on the right foot for 2023. However, experts do feel that the growth rate may start to slow down this year. The last few previous years were affected by COVID-19 which gives the coming months the ability to generate higher earnings much easier than before the pandemic.
Analysts feel that by 2024, it will be harder for the state to maintain the growth rates at the percentages they are now. It will certainly be interesting to see if the growth shown in the latest report continues or if Nevada is finally back from COVID and reaching an evening out point for its gaming industry.
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