May marks another strong month for the gaming industry in Nevada, judging by recent data released by the regulator in the state.
Gaming Win in Nevada Hits $1.3M in May
The Nevada Gaming Control Board (NGCB), released details regarding the gaming win reported by operators this May. This May, the gaming win reported by nonrestricted gaming licenses in Nevada hit $1.3 billion, up 5.71% when compared to the $1.2 billion reported during the same period last year.
The result for May this year marks the 15th month in a row with a gaming win surpassing $1 billion. More importantly, the gaming win this May surpassed the pre-pandemic levels. When compared to pre-pandemic May 2019, the gaming win increased 32.4%, from the $0.9 billion reported.
Similarly, an increase was observed in the fiscal-year-to-date revenue for the period that ended May 31, 2022. This year, fiscal year-to-date gaming win hit $13.4 billion, up nearly 41% when compared to the $9.7 billion reported for the same period in 2021. What’s more, when compared to the $10.9 billion reported for the fiscal-year-to-date period that ended in May 2019, another increase was observed.
Operators Report Revenue Increase
A breakdown of the gaming win shows that Clark County’s revenue increased by 7.13% to $1.13 billion. Not unexpectedly, the revenue increased the most for the Las Vegas Strip. In May this year, the gaming win for Strip operators hit $731.5 million, up 11.6% when compared to the $655.4 million in gaming win reported in May 2021.
Revenue for downtown operators increased as well. In May this year, downtown operators reported $78.9 million in gaming win, up 5.25% when compared to the same period the prior year. Elko County operators also reported an increase in their revenues with gaming win increasing 8.57% to $36.3 million.
In contrast, the gaming win reported for Washoe County this May marked a decrease. Operators in Washoe County reported $87.6 million in May, down 4.82% when compared to the $92 million reported for May last year.
While gaming win increased in May, percentage fee collections dipped slightly. The NGCB revealed that $92 million was collected in percentage fees in June, based upon taxable revenues generated in May 2022. This result marked a 7.39% decrease when compared to the same period last year when collections hit $99.2 million.
Number of Las Vegas Visitors Increases, Says Report
The government agency and official destination marketing organization for Southern Nevada, the Las Vegas Convention and Visitors Authority (LVCVA), pointed out in a recent report, that the number of visitors in May increased. LVCVA’s report revealed that 3,446,900 people visited Las Vegas this May, up 19.8% when compared to May last year. While that result was good, it still fell behind the pre-pandemic levels. When compared to May 2019, the number of people that visited Las Vegas decreased by 6.6%.
Additionally, the number of convention attendees increased as well. This May, 391,100 people attended conventions in Las Vegas, according to LVCVA’s report. Year-over-year comparison to May 2021 shows that this year, the number of convention attendees increased by 336%.