- Overview of Nevada Gaming Win in January
- Clark County’s Contribution to the Statewide Win
- Breakdown of Submarkets and Their Performance
- Highlight on Downtown Las Vegas, Boulder Strip, and Las Vegas Locals Markets
- Discussion on Factors Behind the Growth in Gaming Wins
- Implications for Future Gaming Revenue in Nevada
- Concluding Remarks and Takeaways
Overview of Nevada Gaming Win in January
Clark County casinos have been on a winning streak – and it doesn’t seem to be ending any time soon. The Nevada Gaming Control Board said that Nevada’s January gambling made $1.27 billion dollars.
That is amazing! Strip gaming made even more money, $713.2 million, which is a 25.7% increase from 2022. Six other places in Clark County also did well with 15.2% growth. These numbers show why are so popular for gamblers everywhere!
In January 2021, downtown Las Vegas made $84.9 million, which was 25.5% more than before.
The Boulder Strip also made more money with a 13.3% increase to $96.4 million. The local market had the second-highest month ever with 15.2% growth and earning $273 million!
Clark County’s Contribution to the Statewide Win
The Control Board said that there were many special events in January which caused the success numbers to be very big. They also said that the COVID-19 variant omicron weakening last January might have helped a bit too.
Looking ahead to 2023, Lawton discovered that the Raiders will have two home games at Allegiant Stadium on January 1 and 8. What’s more, both CES and the World of Concrete saw heightened attendance this year compared with last.
Joe Greff from J.P. Morgan predicted nine weekend days for January 2023 versus eight during 2022; a notable increase worth noting!
Breakdown of Submarkets and Their Performance
The slot gaming revenue in January is expected to be higher than it will be in the first quarter of 2023. This means it will likely do well overall. The news was reported by Greff on Tuesday, and it matches what people said about the fourth quarter last week.
This caused win totals to go down. Washoe County went down 13%, Reno 19.4%, North Lake Tahoe 14.6%, and other counties 15.8%. Clark County had 88% of all wins, while The Strip had 63%.
Highlight on Downtown Las Vegas, Boulder Strip, and Las Vegas Locals Markets
January 2022 saw a tremendous increase in the combined non-Strip market of the state, with gains of 9.4% or $48.1 million compared to last year’s figures. Lawton reported that this was an impressive 29.3% higher than pre-pandemic records from January 2019; slot wins were up 16%, while players fed $11.2 billion into machines, which amount to 11.5%.
Table games and sports wagering also exceeded previous years’ revenue by significant margins as well!
Discussion on Factors Behind the Growth in Gaming Wins
In 2022, there are 434 casinos in the state. They – that is more than last year! People spent $3.3 billion trying to win – this was also more than last year.
The game with the most money won was Baccarat – they made 38.7% more money than before, which was around $89 million!
Implications for Future Gaming Revenue in Nevada
Sportsbooks in Nevada made a lot of money in 2022. They won $50.4 million, which was more than the year before.
Even though they made more money, people bet less – 15.6% less than the most ever bet in January 2022
Most bets were placed on computers and phones, which was 62%. People only put $581 million on phone apps, which was 26% lower than before. This means that not all platforms got bigger this year.
Concluding Remarks and Takeaways
The Control Board said that in February they made a lot of money from taxes. It was $96.1 million, which is the most money ever for one month. From seven months, they collected $646.9 million with a tax rate of 6.75%. That was 0.8% lower than last year’s collection period during the same time. This was 17.9% better than last year and it looks like this number will keep getting bigger!
Frequently Asked Questions (FAQs)
- What was the total gaming win in Clark County for January 2022?
- Who reported on this success?
- How much did Nevada’s taxes collect from seven months at a 6.75% maximum rate?
- What caused the growth of non-Strip markets in January 2021?
- How were slot wins up compared to pre-pandemic records from 2019?
- How did sports betting revenue in Nevada compare to 2021′s record figures?
- Which game had casinos winning $89 million, with an $873 million drop and a 9% expected hold rate set for the previous year’s performance?
What was the total gaming win in Clark County for January 2022?
The total gaming win in Clark County for January 2022 was $713.2 million.
Who reported on this success?
The Nevada Gaming Control Board reported on the success of Clark County’s gaming win in January 2022.
How much did Nevada’s taxes collect from seven months at a 6.75% maximum rate?
Nevada’s taxes collected $646.9 million in seven months at a 6.75% maximum rate.
What caused the growth of non-Strip markets in January 2021?
The growth of non-Strip markets in January 2021 was likely due to the fact that more people were willing to spend money on leisure activities after being cooped up during the pandemic. As people had more time and money, they sought out entertainment and recreational activities, resulting in increased revenue for local businesses. Additionally, many casinos implemented new safety protocols which may have made customers feel safer when visiting.
How were slot wins up compared to pre-pandemic records from 2019?
Slot wins in January 2022 were up 16% compared to pre-pandemic records from 2019. Players fed a total of $11.2 billion into machines, with an 11.5% hold rate for the casinos. This represented a 3% increase over pre-pandemic record numbers from January 2019.
How did sports betting revenue in Nevada compare to 2021′s record figures?
Sports betting revenue in Nevada was higher in January 2022 than in 2021’s record figures. They won $50.4 million, which was more than the year before. Even though they made more money, people bet less – 15.6% less than the most ever bet in January 2022. Most bets were placed on computers and phones, which was 62%. People only put $581 million on phone apps, which was 26% lower than before. This means that not all platforms got bigger this year.
Which game had casinos winning $89 million, with an $873 million drop and a 9% expected hold rate set for the previous year’s performance?
The game that had casinos winning $89 million, with an $873 million drop and a 9% expected hold rate set for the previous year’s performance was sports betting. Sports betting revenue in Nevada was higher in January 2022 than in 2021’s record figures. They won $50.4 million, which was more than the year before.
Even though they made more money, people bet less – 15.6% less than the most ever bet in January 2022. Most bets were placed on computers and phones, which was 62%. People only put $581 million on phone apps, which was 26% lower than before. This means that not all platforms got bigger this year.