Updated October 10, 2023By Chris Boline
Since the end of the height of the Covid-19 pandemic, Las Vegas, and Nevada as a whole, have been rolling in record revenue growth. Per recent reports, Nevada gaming revenue continues to roll as, in August, casinos in the Silver State posted another monthly revenue record. Moreover, Nevada casinos broke the $1 billion gross revenue mark for the 30th consecutive month. Most of the gaming revenue in the entire state came from Clark and the Vegas Strip. According to the Nevada Gaming Control Board (NGCB), in August, Clark County alone accounted for $1.026 billion in gaming revenue which was a small 0.18% increase over the same period a year ago.
For this article, SBS will be going over the latest gaming news coming from Las Vegas along with even more notes and information about wagering in Sin City.
Vegas Strip makes of bulk of Las Vegas revenue gains
Per the same report, the growth from last year was spurred by the Vegas Strip. The main tourist corridor in Las Vegas was up 1.07% from last year, with $666 million in gaming revenue. An increase in visitation to Las Vegas in August contributed to the gains. Tourists visiting Las Vegas are also up thanks to numerous conventions held in the city. Per the Las Vegas Convention and Visitors Authority (LVCVA), visitation to Vegas in August was up 4.4% from 2022 to 3.3 million. The convention business in Las Vegas continues to recover from the pandemic and that can also be seen in visitation numbers which are referenced by multiple reports.
The LVCVA estimates that 647,000 visitors were in Las Vegas for conventions. This number was good for a whopping 64.3% increase compared to August 2022. Moreover, Vegas hotel occupancy for the month was up 3.5% to 80.3%. The average daily rate (ADR) for hotel rooms in August was up 7% to $158.47 per night. An increase in convention visitors book more hotel rooms during weekdays. In August, midweek hotel occupancy was up 4.8% from last year to 77.0%. Moreover, as one article notes, when convention attendance is low, leisure travelers visiting Las Vegas for a holiday can sometimes find inexpensive rooms, however, this is not the case with more people visiting for conventions.
Slot machines still the main driver for Nevada gaming
Per the same report, slot machines dominate Las Vegas casinos and the entire state and account for the bulk of the gaming revenue seen in Nevada every month. In August, slot machine revenue accounted for $368.3 million of the $666 million for Vegas Strip casinos. Moreover, an analyst from the Gaming Control Board recently commented that the slot win during that month was “the third-highest total all-time for the state.” In terms of other revenue streams, the Vegas Strip attracts high rollers that can often correlate to how much casinos win in baccarat and in August, $114.3 million was generated at Strip casinos. Blackjack generated the second-most revenue for Vegas Strip casinos with $72.6 million in August.
Even more notes and information about Vegas betting
After you are all squared away regarding the latest wagering news from Las Vegas, make sure to also check out the wide variety of resources available to you at SBS. Of course, for even more information on this article’s topic, our online Vegas sportsbooks rundown is an excellent page to bookmark for all the latest Las Vegas gaming news. Moreover, for those on the go, the best betting apps breakdown is an excellent page for you to check out for all the latest news and notes about mobile betting. Finally, if you are also uncertain about which payment options make the most sense for you, then our payment methods guide is a must-read page. Here you can learn more about different payment methods for deposits and withdrawals from crypto options to more traditional banking routes.
About the Author
Chris Boline
As a devout aficionado of sports, Chris Boline has carved a career within the athletic realm. A skilled scribe, he boasts a decade-long portfolio that encompasses coverage of the NBA G League, the Los Angeles Chargers, football in the Mountain West Conference, and basketball.
Beyond his professional pursuits, Chris is deeply invested in his community and dedicates his leisure hours to serving on boards, collaborating with community organizations, and cherishing the company of loved ones.
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