The good times continue rolling in Nevada where gaming revenue for January 2023 was up a whopping 18 percent over the previous year. Statewide, regulated Nevada gaming operators collected $1.27 billion, compared with just $1.08 billion in January 2023. But while casino operators are celebrating, financial analysts warn that the Silver State’s fast ride could be slowing down within a couple of months.
Slot machines were the biggest earner on the casino floor in January 2023, as they are every month. Nevada slot machines took in $874.5 million for the month, accounting for Penny slots alone accounted for $285.9 million of that number, according to the Nevada Gaming Control Board.
Regulated sports betting, which is booming all across the US, remained relatively flat at just $50.4 million. Unlike the rest of the country, mobile betting is less popular in Nevada and only accounted to around $17.7 million of the total sports betting haul.
While the good times have definitely been rolling in Nevada, analysts warn that January’s numbers could be an outlier and that a slowdown could be on the horizon. “January and February of 2022 represent the softest comparisons the Strip will be facing for the rest of the year,” Gaming Control Board senior economic analyst Michael Lawton cautioned in a recent interview with the Nevada Independent. Lawton points out that January and February 2022’s numbers were extremely soft due to a slowdown caused by the surge of the Omicron strain the Corona Virus. That phenomenon is also visible in the 3.3 million visitors that passed through Las Vegas in January 2023, compared to just 2.47 million in January 2022.
That said, Nevada’s gaming economy is extremely robust and is likely to see another very solid year in 2023.