Nevada casinos recorded their 16th straight month with more than $1 billion in gambling revenue in June, marking the state’s fifth-highest all-time total for a single month.
Without the Strip, the monthly revenue report provided Thursday by the Gaming Control Board would have been a different story.
Excluding the Strip, statewide gaming revenue would have declined 7.5% in June, rather than posting an 8.1 increase and a total of $1.27 billion. Several Clark County markets, including downtown Las Vegas, Laughlin and the Boulder Strip, saw double-digit revenue declines in June.
Most major northern Nevada markets, including Washoe County, Reno, Sparks and South Lake Tahoe, also reported lower gaming revenue during the month.
Las Vegas casino areas off the Strip that cater to local residents all reported declines in June.
“The majority of submarkets in Clark County, in addition to several submarkets outside of Clark County, continue to face difficult year-over-year comparisons,” said analyst Michael Lawton. main economics of the Control Board, in an e-mail analysis of the results.
“Growth, as expected, is slowing compared to calendar year 2021,” he said.
Still, for the first six months of 2022, statewide gaming revenue grew 19.8% from the record $13.4 billion in gaming revenue recorded in 2021. Lawton said said only two markets — Sparks and South Lake Tahoe — were down for the first six months of 2022 from a year ago.
In June, all of Nevada’s reporting markets except North Las Vegas and Laughlin had gaming totals that exceeded revenue figures reported in June 2019 before the pandemic. Two casinos in North Las Vegas, Fiesta Rancho and Texas Station, have permanently closed and Colorado Belle in Laughlin has been closed for 29 months.
Strip games revenue of nearly $734.8 million was 22.7% higher than a year ago and 19.2% higher than June 2019.
The total was fueled by the game of baccarat, which generated revenue of $141.1 million, up 258.8% from a year ago. Casinos held 22.1% of all baccarat wagers, down from 6.4% a year ago. Slots revenue on the Strip was $380.3 million, an increase of 4.6%.
“June was the ninth time in the last year Las Vegas set an all-time monthly record for gaming revenue and (the Strip) is now 19% above the highest pre-pandemic period. high in history,” wrote Jordan Bender, gaming analyst at JMP Securities. a research note on Thursday.
The Strip’s highest-ever total for June helped Clark County record more than $1.1 billion in gambling revenue, the ninth time in the past 16 months the market has passed the threshold of $1 billion.
Lawton noted that the Strip benefited from strong travel demand in June with a 12% increase in visits from a year ago. Harry Reid International Airport recorded its busiest month with nearly 4.7 million passengers. The strip clubs also hosted several concerts during the month which fueled visits.
During Boyd Gaming’s second-quarter earnings call on Tuesday, CEO Keith Smith said California customers continued to visit all 10 Las Vegas-area casinos, despite high gasoline prices between April and June.
“We really haven’t seen any significant change in activity at our properties from California,” Smith said in response to an analyst question on the matter. “It’s moving a little, but it’s not significant. It is something that we monitor.
Reid Airport smashes its passenger record
After narrowly missing the all-time high for a month for passengers in May, Harry Reid International Airport smashed the figure in June. The destination welcomed more than 4.68 million air travelers during the month, a 23% increase from June 2021 and surpassing the previous record of 4.61 million passengers set in October 2019.
According to figures released by the Clark County Aviation Department, the facility missed the all-time record by about 32,000 flyers in May.
However, Chris Jones, the airport’s marketing manager, suggested June’s record total could be surpassed in the coming months as airlines increase the number of flights to and from Las Vegas.
According to airline statistics, June had more than 5.3 million seats available to and from Reid Airport. That number is expected to top 5.7 million in July and August. By October, the number of airline seats available for the month could approach 6 million.
“We’re absolutely not done,” Jones said, noting that low-cost carrier Breeze began flying to multiple cities in June, while other airlines — including Reid’s three major airlines, Southwest, Spirit and Frontier – added flights to and from new markets.
Southwest welcomed more than 1.6 million passengers to Reid in June, a 17.6% increase over the previous year. In the first six months of the year, Southwest welcomed nearly 8.5 million passengers to Reid, an increase of 50.7%.
Through June, passenger volume at Reid Airport totaled nearly 24.3 million, a 52.5% increase from 2021. However, Jones said the single-year record Las Vegas airport’s 51.5 million passengers in 2019 could still stand by the end of the year because the numbers in January and February were somewhat diminished due to the Omicron variant.
International airline travelers boosted the airport in June with a volume of 244,033 passengers from destinations outside the United States. The figure was the airport’s largest total in 27 months and the segment represented a 357% increase from June 2021.
International travel has all but disappeared over the past two years during the pandemic, and Reid Airport saw flights between 18 destinations during the month.
Las Vegas attendance is on the rise
More than 3.3 million visitors came to Las Vegas last month, a 12% jump from June 2021. But the total was still below 2019’s pre-COVID figure of 3.6 million visitors, according to the Las Vegas Convention and Visitors Authority.
Through June, Las Vegas attendance is 37.8% higher than the 2021 total, but still down 12.2% from 2019.
Occupancy levels reached 82.7% in June, including 90% at weekends – two increases from a year ago – although the market has some 3,500 more hotel rooms available. In total, Las Vegas had 151,523 hotel rooms and suites at the end of June.
LVCVA research vice president Kevin Bagger said the figure reflects the additions of Virgin Hotels Las Vegas and Resorts World Las Vegas, which joined the market a year ago.
Bagger noted that weekend occupancy marked the fourth consecutive month that Las Vegas hotels were at or above 90%.
Convention business in June showed 469,100 attendees, a 138% jump from a year ago. The LVCVA said attendance for the first six months of 2022 was nearly 2.5 million, up 515% from 2021 but still 30% behind 2019.
Sports betting down
Nevada sports betting saw its first decline in betting management in nine months in June. Sports betting totaled $490.3 million, down 10.1% from a year ago. The last drop was in August 2021.
Sports betting made with mobile apps totaled $329.7 million in June, accounting for more than 67% of the overall handle.
Sports betting recorded revenue of $23.8 million in June, down 18.3% from a year ago.
A record for the 2022 financial year
The Board of Control also released gaming revenue figures for fiscal year 2022 (July 2021 to June 2022) and, as expected, the results broke 15-year-old records.
The $14.6 billion statewide total was 37.3% higher than the $10.6 billion in fiscal year 2021 and broke the fiscal year 2007 record by 12.7 billions of dollars. The first half of fiscal 2022 accounted for $7.37 billion of the overall total, slightly higher than nearly $7.25 billion in the second half.
Clark County nearly matched the fiscal year 2007 figure with $12.6 billion in gaming revenue in fiscal year 2022, mostly fueled by the Strip’s contribution of $8.1 billion.
Eleven of the state’s 18 major submarkets, including Clark County, the Strip and Downtown Las Vegas, set all-time highs for gaming revenue in the fiscal year.
(Updated 11:38 a.m. 7/28/2022 with Las Vegas tourism numbers.)