As the gambling industry in the USA continues to grow, revenues keep on mounting. The Las Vegas Strip in Las Vegas, Nevada, has posted record-breaking revenues.
Las Vegas Strip Revenues Skyrocketed
According to the reported results, the casinos on the Strip had total gaming revenue of $593.5 million. This impressive number represents a 23% increase compared to the same period in 2021. Data shows that the Strip’s results were the strongest in the entire state of Nevada. Sadly, certain other parts of Las Vegas experienced a slight revenue decline.
Despite that, the Strip singlehandedly helped the statewide revenues increase by 9%. Because of this contribution, the Silver State posted statewide gross gaming revenue of $1.13 billion for April. This, notably, marked the 14th month in a row in which Nevada’s GGR exceeded $1 billion.
A more in-depth look makes it clear that the record-high numbers were in large part thanks to the growth of casino table games and slots gaming. Both verticals recorded double-digit year-on-year growth. On the contrary, blackjack and baccarat play had some fluctuations but didn’t affect the overall GGR performance that much.
Some Areas Experienced a Slight Decline
The areas where GGR plummeted are Downtown Las Vegas, Boulder and North Las Vegas. The three areas saw their revenues experience a drop of 11%, 10% and 6% respectively. The companies that experienced the sharper GGR declines in Las Vegas were Boyd Gaming, Golden Entertainment and Red Rock Resorts. Despite the decreased income, the companies have been having strong revenues in other states and are unlikely to suffer because of the temporary drop in Nevada.
This year-on-year decline in certain Las Vegas areas is likely because of the lower activity of local bettors since most tourists play on the Las Vegas Strip. This is further attested by the fact that the flow of tourists actually increased dramatically. According to official data, almost 3.4 million people came to Las Vegas in April, which is 31% more than in April last year.
The overall numbers demonstrate that the gambling industry is steadily recovering from the pandemic. The tourist count is just 5% lower than the pre-COVID-19 visitor numbers, which shows that the sector continues to rebound. It is also worth noting that the National Football League Draft in April took place in Las Vegas. The annual event was one of the biggest contributors when it comes to visitor numbers, data shows.
At the beginning of this month, Nevada’s governor Steve Sisolak, announced that he will soon relinquish his emergency powers. Sisolak had previously used them to prevent the spread of COVID-19 but some accused him of undermining the state’s casino and hospitality by forcing venues to close.