Nevada’s profit in June was $1,277 billion, the 16th straight month of more than $1 billion. [Image: Shutterstock.com]
What a way to end the fiscal year
Inflation, worries about the economy, it doesn’t matter. Nevada’s gaming profit crossed the $1 billion mark for the 16th straight month. The $1.277 billion in gaming revenue generated in Nevada casinos in June 2022 was 8.06% more than in June 2021. It was the fifth best month in state history; the best was $1.359 billion, collected in July 2021.
Biggest Fiscal Year for Gaming Profits in Nevada History
The wave of restrictions after the pandemic has resulted in the biggest fiscal year for gaming earnings in Nevada history. In the 12 months ended June, total gaming profits were $14.63 billion, breaking the previous record $12.7 billion achieved in fiscal 2007-2008.
Last calendar year’s game profits (January-December 2021) were $13.43 billion, which was also a record, though it looks like this year could top that.
Non-Strip casinos are lagging behind
Broken down by region, the Las Vegas Strip had its all-time best June (as did Clark County and the state as a whole), generating $734.8 million in gaming profits, up 22.7% from the same month last year. .
It wasn’t all rainbows and sunshine, though, as outside of the Strip, Nevada game wins were down 7.5% from June 2021.
“On the plus side, with the exception of North Las Vegas and Laughlin, total profits of all major submarkets in the state rose in June 2019,” Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, told the Las Vegas Review. – Log.
Lawton said a big reason for such a successful June was the plethora of special events that drew many people. Sting had several concerts, Justin Bieber performed and the Jonas Brothers began their residency at the Park MGM. The World Series of Poker also ran throughout the month.
Lawton didn’t seem too concerned as it wouldn’t be easy for non-Strip casinos to outperform last year, when June 2021 was already 13.9% higher than June 2019.
Sportsbooks end of streak
While June 2022 was another fantastic month overall, there were signs that this bullet train isn’t going to speed up forever. Slots profit was $838.8 million statewide, but that was down 1.9% from June 2021. The amount of money customers put into slot machines was $11.2 billion, down 2.1 %.
Both statewide and Strip gaming profits outside of baccarat were slightly lower, less than one percent.
Sportsbook’s win was also quite up and down. The $23.8 million profit generated by Nevada books was down 18.3% compared to June 2021. The holding rate was also lower: 4.86% versus 5.35%. Total stakes fell 10.1% from June 2021 to $490.3 million.
Nevada sportsbooks had nine straight months of increasing business; the streak would end at some point.
This post Nevada Gaming wins top $1 billion for the 16th month in a row
was original published at “https://www.vegasslotsonline.com/news/2022/07/28/nevada-gaming-win-tops-1bn-for-16th-straight-month-completing-record-fiscal-year/”