In October 2023, Nevada’s gambling industry set a new record with more than $1.31 billion in gross gaming revenues, marking a 2.7% increase from October 2022. This figure represents the sixth-highest single month revenue level in the state’s history, with the Las Vegas Strip contributing $714.5 million to the total. The rise was mainly attributed to the high-end baccarat revenue of $89.8 million and the continuous growth of the nearby gaming markets in Reno.
Michael Lawton, the control board’s senior economic analyst, noted that while the Strip casinos experienced a decline in slot machine revenues and sports betting after two years of consecutive monthly increases, the Las Vegas markets still saw a 5.7% rise in gaming revenues in October. The Boulder Strip in Clark County also generated $88.6 million, marking a 10.3% increase in gaming revenue for the same month.
The record revenues were further boosted by the exceptional performance of the Harry Reid International Airport, which saw almost 5.5 million travelers in October, including over 315,000 international travelers. This surge in airport passengers contributed to the 87.7% occupancy rate in Las Vegas, with the city hosting over 34.1 million visitors in the first ten months of 2023, reflecting a 5.8% increase over the same period in 2022.
The average daily hotel room rate in October was at a record high of $233.22, with a revenue per available room of $204.53, driven by the occupancy rates from events such as Las Vegas Raiders home games and performances by artists like U2, Ed Sheeran, and Pink at the city stadiums.
The incredible airport passenger totals include local passengers as well, and both international and local travelers have contributed to the rising gaming figures. With the world-famous F1 championship held in November, the revenue figures for November 2023 are highly anticipated and are expected to surpass the previous records set in October.