Nevada’s storied gaming industry is on a hot streak having racked up 14 consecutive months of earning $1 billion (or more) in revenue. In April, 2022, the latest month for which revenue numbers are available, Silver State casinos collectively earned $1.3 billion, which is actually something of a let down.
According to the Nevada Gaming Control Board, that $1.13 billion marked an 8.7 percent increase over April 2021, but was actually down 16 percent from March 2022 when casinos pulled in $1.36 billion.
In some not-so-surprising news, the casinos in Las Vegas accounted for the lion’s share of gaming revenue in the state with $593 million in revenue. That’s a record monthly haul, breaking a record that was only set last month. Those casinos benefited from several big events during the month, including the NFL Draft, and a sold-out, four night stand at Allegiant Stadium by the band BTS.
Michael Lawton, a senior research analyst for the Nevada Gaming Control Board, commented in Forbes Magazine on the significance of hitting such a big revenue number in April, “The gaming revenue numbers are outstanding. April is not always the strongest gaming win month as there are some calendar events that are big headwinds: the tax deadline, Easter and Passover.”
According to Fitch Ratings, Las Vegas, and the whole state, may be in a good spot to keep the good new flowing even as the specter of inflation looms on the horizon. “While the current period of inflation may increase the city’s labor cost pressures and limit discretionary spending on travel and entertainment, current trends show ongoing improvement. Fitch believes the city has positioned itself well to effectively address the anticipated pressures throughout the ongoing recovery,” the report read.
Nevada’s gaming industry has shown itself to be very resilient in the face of the pandemic and seems well-prepared for a recession, too.