Gamblers in Las Vegas continue to leave huge amounts of money in the slots and on the tables when they pack up and go home until the next time. Overall gaming revenue in the state for April was 8.6% higher in 2022 than it was for the same month in 2021. This year the state saw the biggest April ever. It was also the 14th straight month in a row that revenues broke the billion-dollar mark with $1.13b this April.
While it was a record-breaking month in several ways, revenues were still down from March records with a take of about 17% less than it was in March 2022.
Slots were the biggest winner for casinos with revenues of $804.1m – better than last April but lagging March numbers by 11%.
Table gaming win was up about 32% year on year with $324m for the month with a lot more (28.5%) money being bet at $2.6b.
Ups and Downs Didn’t Upset Upward Trajectory
Baccarat was the biggest gainer by percentage among the tables and sports betting was down slightly with basketball seeing the most handle. NFL betting cost the Nevada books dearly but not just because punters outsmarted the bookies. The negative revenue resulted from bets made months earlier and only settled after the annual NFL draft in 2022. Overall, Nevada books “lost” $4.1m in April.
The most popular card game was blackjack with players staking $727.7m and leaving $94.9m on the tables for an increase of 35.1% compared to April 2021.
As always, slots carried the day when it came to feeding the casino company coffers with a statewide take of $804.1m.
Profits on the Las Vegas Strip were up about twice as much as those in Clark County overall which includes Las Vegas proper as well as the Strip.
Vegas is Booming
During the Covid shutdown, Red Rock sold The Palm to the San Manuel Band of Mission Indians, who reopened the refurbished resort on April 27, 2022.
In March, the Oakview Group announced plans to build a $3 billion entertainment district in Las Vegas on 25 acres purchased just south of the Strip district at Blue Diamond Road. Plans call for an 850,000 square foot arena with over 20,000 seats, a hotel and casino, and another entertainment venue amphitheater.
The big black ball visible at the Venetian from the Strip is 366 feet tall and 516 feet wide. The MSG Sphere is expected to open in late 2023. The complex will have 17,000 seats, all with internet access and sound beamed directly to them. Digital screens will run on the inside and the outside of the Sphere.
The “Big Blue” on the Strip is Fontainebleau Las Vegas. It is expected to open in the fourth quarter of 2023 with over half a million sq ft of meeting space and nearly 4,000 new hotel rooms, a casino, and “a world-class collection of restaurants and shops, pool experiences, vibrant nightlife options, and coveted spa and wellness offerings.”
Source: Nevada Extends $1 Billion Gaming Revenue Streak To 14 Months, Forbes, May 27, 2022
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