Nevada Gambling Operators Post 11% Revenue Increase in February
The latest results reaffirm the growth of the gambling sector in Nevada and acknowledge its tax revenue contributions
The gambling regulator in Nevada, the Nevada Gaming Control Board (NGCB), released its latest report outlining the performance of nonrestricted gambling licensees last month. The gambling watchdog revealed that the total gaming win in February this year hit $1.24 billion. This result, when compared to the corresponding period in 2022 marked an increase of 11.15%.
The latest report reaffirms the continuous growth of the gambling sector in the state. In fact, the $1.24 billion result marks the 24th month in a row with gaming win surpassing the billion-dollar mark in Nevada. This result also represents the longest period the state has seen revenues surpassing $1 billion without interruption month-over-month.
Looking at the bigger picture, the total gaming win for the fiscal year also marked an increase. For the fiscal year through February 2022, the total win halted at $9.6 billion. In contrast, this year, the fiscal year-to-date total gaming win hit $10.1 billion, representing an increase of 5.55%.
Not unexpectedly, the higher gaming revenue resulted in more proceeds from taxes during February. In February 2022, Nevada collected $58.9 million in taxes, while this year, the taxable revenue increased to $75.5 million. When the two numbers are compared, the result from last month marked an increase of 28.18% or some $16.6 million.
Clark County Revenue Soars
The NGCB provided a breakdown of the $1.24 billion in total gaming win reported in February, revealing that the lion’s share of the revenue was reported by Clark County, the home of the Las Vegas Strip. Overall, the gaming win for this area hit $1.08 billion last month, up by 13.84% when compared to the $949.9 million reported in February 2022.
Las Vegas Strip operators saw a total gaming win increase by 18.92% to $712.5 million, while North Las Vegas operators reported a gaming win of $24.9 million, representing a growth of 8.77%. Downtown Las Vegas operators’ gaming win hit $74.4 million in February, up by 7.49%, while Laughlin operators saw a 6.13% revenue increase to $45.7 million in February this year.
In contrast to the strong results from Clark County, the total gaming win in February dipped for operators in Washoe County. Last month, the operators within that region reported $76.8 million in total gaming win, representing a decrease of 8.08%. South Lake Tahoe operators also saw a dip in gaming win that decreased year-over-year by 3.89% to $18.9 million, while Elko County operators’ gaming win last month increased by 3.93% to $33 million.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
