- Legal States
Filip Mishevski July 29, 2022 3 min read
Nevada Reports June GGR, Also Sets a Record for Fiscal Year Gaming Revenue
Nevada has reported that the June GGR is $1.27 billion, which marks the 16th consecutive month where Las Vegas’ home state crosses the $1 billion mark in terms of revenue. The recent struggles that Macau is facing now make Silver State the gaming hub in the world.
Baccarat Was the Biggest YoY Revenue Generator
The June 2022 revenue represents an 8.06% increase compared to June 2021, when GGR reached $1.18 billion. Baccarat recorded the biggest YoY increase; its total revenue was $143.2 million, which marks a 237% increase.
Card games recorded an 83% rise to $46.3 million. Ultimate Texas Hold’em specifically, had a 22% increase to $14 million. Slot machines also recorded a 22% growth to $10.8 million. However, this stat does not include all types of slots. One cent, 25 cent and $25 slots actually recorded declines for the month of June.
Michael Lawton, a senior economic analyst at the Nevada Gaming Control Board, stated that the state continued recording massive gaming win amounts and the state is now even leveled with the pre-pandemic era. June continues the massive revenue growth, which was also recorded the month before.
Statewide, the Las Vegas Strip recorded the biggest revenue growth. June 2022 for this region resulted in a 22.7% increase in GGR compared to June 2021. Balance of County recorded a 20.41% increase, North Lake Tahoe had an 11.4% increase and Clark County had a 10.49% increase.
Some regions in the Silver State actually recorded drops in revenue compared to June 2021. For example, South Lake Tahoe’s GGR in June 2022 dropped by a whopping 28.75%. North Las Vegas’ GGR for June dropped by 8.31% and Boulder Strip’s GGR dropped by 11.86%. Laughlin also had a rough ending to June as its GGR dropped by 14.65% compared to June 2021.
Casinos in Nevada Also Hit A Record Fiscal Year
The Nevada Gaming Control Board also reported that the GGR for the 2021/2022 fiscal year, which ends on June 30, was $14.63 billion. This number marks the best fiscal year performance in the history of the state.
However, John DeCree, a CBRE Equity Research senior analyst, thinks that casinos should tread carefully as the pace is likely to slow down. He stated that the US is likely “heading into an official recession” as there were 2 consecutive quarters that resulted in a contraction of the country’s GDP.
Even with the warning, there’s no denying the fact that Nevada casinos managed to put up solid numbers in terms of revenue. The previous GGR record for a fiscal year dates back to the 2007/2008 fiscal year when the revenue reached $12.7 billion.