Las Vegas Casinos Back with Record High Revenues

LAS VEGAS — Nevada casinos are officially back, and the Las Vegas Strip is leading the way.

The Nevada Gaming Control Board on Tuesday released its monthly gross gaming revenue numbers for December and year-end totals for 2022. Both figures revealed all-time records.

December GGR totaled $1.31 billion for the state’s winningest December ever and a 14.3% increase year-over-year. (The all-time monthly record for Nevada of $1.36 billion was set in July 2021).

Nevada capped off 2022 with more than $14.8 billion in gaming revenue — a 10.5% increase over 2021, the previous annual record-holder.

Las Vegas Strip Drives Gains

Casinos along Las Vegas Boulevard generated more than half the state’s revenue in 2022. The Strip’s $8.2 billion annual take grew 17.1% compared to 2021. And in December, Strip revenue totaled $814.2 million — the iconic casino roadway’s biggest monthly total ever.

“The Strip accounted for the majority of the statewide increase in December,” NGCB senior economic analyst Michael Lawton told the Nevada Independent. “The state’s combined markets outside of the Strip only increased by 0.2%.”

Another notable growth segment in 2022 was sports betting. Even though 33 states now offer legal sports betting, Nevada’s set a new record for its annual sports betting take at $446.7 million on $8.7 billion wagered.

International Visitors Return

The revenue records come as visitation to Las Vegas continues to climb — 39 million visitors in 2022 — but still hasn’t returned to pre-pandemic numbers of 42.5 million. This is according to a report also released Tuesday by the Las Vegas Convention and Vistors Authority.

The LVCVA also notes that Nevada’s 2022 success has come primarily from domestic tourism, but with international visitation on the rise. In 2019, before the pandemic, nearly 14% of all visitors to Las Vegas — about 5.8 million people — came from other countries. That number plummeted to 3% in 2021, but in 2022 ticked back up to almost 11%.

The expectation is that these numbers will grow even further as China and other countries in Asia lift COVID travel restrictions.