The gaming and hospitality industry in Nevada is on its way to rebound, judging by figures released by the regulator in the state. In January 2022, gaming licenses reported a total gaming win surpassing $1 billion. This marks the 11th month in a row with revenues above $1 billion. Visitor volume increased as well but it is yet to surpass pre-pandemic levels, according to a new report.
January Marks Another Successful Month for Nevada Casinos
The Nevada Gaming Control Board (NGCB) released its revenue report outlining the gaming win for nonrestricted gaming licenses during January 2022. The report showed that gaming licenses in the state reported a total gaming win of $1,078,761,266 for January 2022. When compared to the $762 million in gaming win reported by licenses for the same period the previous year, an increase of 41.58% is observed.
“Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $1,078,761,266 for the month of January 2022.”
Nevada Gaming Control Board
According to the NGCB, the gaming win for the fiscal year, representing the period between July 1, 2021, through January 31, 2022, had also increased. This year, the fiscal year-to-date gaming win hit $8.5 billion, marking a 57.76% increase when compared to the $5.4 billion recorded a year earlier.
Clark, Washoe County Report Gaming Revenue Increase
The breakdown of the $1.1 billion in gaming win shows that the bigger part of the revenue was raised in Clark County. The jurisdiction where the world-famous Las Vegas Strip is located reported a $929 million in gaming win for January 2022. This marks a significant 50.43% increase when compared to the same period last year. On the other hand, gaming win reported in January 2022 for Washoe County hit $74.3 million, marking an 8% increase when compared to 2021.
When it comes to tax revenue, Nevada has also seen an increase in collected percentage fees for January 2022. Percentage fees for the collection period in February 2022, based on taxable revenues for January 2022 hit $81.2 million. This marks a significant 35.41% increase when compared to the $46.3 million in percentage fees for the same period last year.
Visitor Volume Increases in January
It comes as no surprise that with gaming win keeping above $1 billion, the visitor volume has also been growing. According to the Las Vegas Convention and Visitors Authority’s latest report, the visitor volume in Las Vegas for January 2022 hit 2,474,800.
“With the Omicron variant and continued impacts on the convention group segment, Las Vegas visitation reached 2.47M, roughly three‐quarters of pre‐COVID levels of January 2019 but dramatically higher (+91.2%) than January 2021.”
Las Vegas Convention and Visitors Authority
This marks a staggering 91.2% increase when compared to the same period during 2021. However, when compared to the 3.4 million people that visited the city in pre-pandemic January 2019, a decrease of 27.5% is observed.