The Las Vegas Strip continues to gain momentum, leading to a record-breaking gaming win for the state of Nevada in the month of August.
In August, the Las Vegas Strip continued its successful streak, with the main thoroughfare contributing to a new record high in state gaming revenue.
Individuals snap photos in front of the iconic “Welcome to Fabulous Las Vegas” sign. The bustling Las Vegas Strip contributed to a surge in Nevada’s gaming revenue, setting a new record in August 2023. (Image: Getty)
In August 2023, casinos, taverns, and other licensed establishments in Nevada earned a record-breaking gaming revenue of over $1.2 billion. This was the highest amount ever achieved for the month of August in the state’s history.
In locations outside of the Strip, the gross gaming revenue (GGR) decreased from August 2022. However, casinos on South Las Vegas Boulevard saw a 1.1% growth in gaming earnings, offsetting losses in other areas across Nevada.
The casinos in Las Vegas earned approximately $666.8 million from players in the previous month. The amount of money spent on slot machines increased by 3%, while the amount won at table games increased by 7%.
Last month, Baccarat brought in the highest earnings among table games, totaling $114.3 million. The significant amount of baccarat play signals the comeback of tourists from Asian regions, as it remains the preferred game for this demographic.
Banner Year
After eight months have passed, it is likely that Nevada’s casinos will achieve a new record for annual gaming revenue for the third consecutive year. The previous year saw a total of $14.84 billion in gaming revenue, and in 2021, the casinos won $13.42 billion.
In August of 2023, Nevada’s gaming revenue surpassed $10.13 billion. This is a 3.6% increase from the same time last year when casino winnings were at $9.77 billion.
The August report from the Nevada Gaming Control Board raised some worries as the gross gaming revenue decreased from the previous year in key regions such as downtown Las Vegas and Boulder. However, the Strip, which is crucial to the overall success of the top-grossing gaming state, continues to show strength.
A jam-packed schedule of events, featuring Adele’s return to Caesars Palace and Maroon 5’s first performance at Park MGM, kept Strip hotels busy.
In August, the number of arriving and departing passengers at Harry Reid International Airport was 4.6 million. This was similar to the previous year’s August numbers, but there was a significant increase of 37% in international traffic. International visitors tend to have longer stays and spend more money compared to domestic travelers.
The LVCVA reported that the number of visitors in Southern Nevada increased by 4%, attributed to an increase in drive-in traffic from California and Arizona. The resumption of conventions also contributed to high hotel occupancy rates.
During the middle of the week, there were significant increases, partially due to a stronger convention segment featuring repeated events like ASD Market Week and the Summer 2023 Las Vegas Market at World Market Center. This event occurred in August this year, compared to July in 2022, according to the LVCVA Executive Summary.
The hotel occupancy rate exceeded 80%, with weekend occupancy rates reaching almost 90%. The average cost per room per day on the Strip was approximately $170. Las Vegas boasts over 150,000 hotel rooms.
Strong September Expected
September is expected to be a prosperous month for Las Vegas with the resumption of events and visits from Asia, as well as the return of college football and the NFL.
The Las Vegas Raiders are attracting significant numbers of supporters, even when playing against their opponents. After moving from Oakland to Las Vegas in 2020, the Raiders often find themselves feeling like the visitors in their own Allegiant Stadium. In their recent game against the Pittsburgh Steelers, the stands were dominated by fans waving yellow and black “Terrible Towels.”
The latest addition to The Strip, the Sphere, opened this weekend with a U2 residency, costing $2.3 billion.
The latest update from Casino.org reports that the Las Vegas Strip is continuing to see growth and has helped the state’s gaming win reach a record high for the month of August.
