Nevada continues its long streak hitting $1 billion in gross gaming revenue (GGR) every month. February 2023 marks the 24th consecutive month that betting revenue has surpassed the $1 billion mark.
February revenue represented an 11% year-over-year increase with $1.24 billion generated for the month. The highest annual rate of growth came from the Las Vegas Strip, with $712.5 million in revenue generated, representing a 19% year-over-year increase.
Slots reigned supreme in Vegas casinos, generating $390.4 million of The Strip’s total GGR in February, up 16% from 2022. Table gaming revenue wasn’t too far off pace either, either. with US$ 322 million, an increase of 23%. Baccarat achieved the highest revenue among table games at $99 million – a 60% year-on-year increase.
Other local Las Vegas markets made a total of $232.9 million, representing year-over-year growth of 4%.
The biggest losses felt in Nevada came from the Carson Valley area, where revenue was down 12% year-on-year. Other areas of loss include Reno, where total GGR was down 10%, while an 8% decline was seen in Washoe County overall.
Nevada Gaming Board of Control senior economic analyst Michael Lawton believed that the lower revenue results in these areas of northern Nevada were a result of poor winter weather conditions.
He said, “Weather absolutely impacted the Northern Nevada results in February. Storm timing impacted nearly every weekend of the month.”
Additionally, Nevada sports betting operations continued to grow, with $41.3 million generated for February, an increase of 33%. This increase in sports betting revenue came despite a 16% drop in turnover to $659.4 million.