July marked the 17th consecutive month in which Nevada’s gross gaming revenue (GGR) exceeded $1 billion. Before the unprecedented run, Nevada casinos had never won at least $1 billion in more than seven consecutive months.
Demand for gaming still remains strong, customers continue to display resiliency, and leisure travel continues to benefit from a very jam-packed event calendar,” explained Michael Lawton, senior economic analyst at the Nevada Gaming Control Board (NGCB).
Though July was yet another 10-digit GGR win, the $1.315 billion represented a more than 3% year-over-year reduction. July 2021 set an all-time monthly record for the Nevada gaming industry, as casinos won $1.359 billion.
Industry Maintains Momentum
Soaring inflation this year hasn’t yet slowed Americans’ spending at casinos. And in the nation’s primary gaming market, Nevada GGR continues to run at unrivaled rates.
July 2021 set a very high bar in terms of gaming win and although this month’s results decreased year over year, July 2022’s gaming win represented the fourth-highest total all-time,” Lawton added.
The Las Vegas Strip, the most important and richest metered market, experienced nearly record play last month. The $773.3 million won on the Strip in July 2022 was the drag’s second-best month in history, behind only last July, when the casinos took $792.6 million off gamblers.
Lawton added that gamblers wagered $15.1 billion on slots and table games in July 2022, the fourth most bets in a single month in state history.
Though inflation is likely curbing some leisure travel, Nevada and Las Vegas continue to benefit from the return of major events and in-person conferences and exhibitions.
Along with high-profile sports — such as UFC 276 at T-Mobile Arena and Allegiant Stadium hosting marque soccer clubs, including Chelsea vs. Club America on July 16 and Real Madrid vs. Barcelona on July 23 — the Las Vegas convention calendar was busy in July.
Business travelers spend more on food and drink, shopping, and entertainment. They also tend to gamble less than leisure travelers. The Las Vegas Convention and Visitors Authority says almost four in 10 conventioneers don’t gamble at all during their stay.
Nevada sportsbooks incurred a substantial revenue decline in July 2022 from the previous year. The $16.2 million won by oddsmakers represented a more than 51% year-over-year drop as bettors fared well.
Handle, or the total amount wagered on sports, totaled $419.4 million in Nevada last month. Though that was more than the $409.9 million wagered in July 2021, oddsmakers didn’t experience nearly the win rate they did last year.
Sportsbooks won about 8% of the bets in July 2021 but less than 4% last month. Oddsmakers reported revenue losses for football, basketball, and hockey. The NBA and NHL concluded their playoffs in June. Many bettors redeemed their winning tickets in July.
Oddsmakers fared well with baseball, as MLB betting helped sportsbooks win $19.1 million on baseball on a nearly 7% hold.
Preview Image: Shutterstock Licence 1456957640