Nevada Operators Enjoy Strong 2023 Start with $1.27bn Gaming Win
Nevada gambling operators reported increase of 18% in revenue for January
The gambling regulator in Nevada, the Nevada Gaming Control Board (NGCB), released its latest report, outlining the financial performance of nonrestricted gaming licenses for January. Judging by the new report, the operators enjoyed a stellar start to the year, with the total gaming win hitting $1,272,955,068 in January 2023.
A year-over-year comparison to January 2022 shows that the gaming win this January increased by 17.99%. Another growth was observed for the fiscal year, which is between July 1, 2022, and January 31, 2023, showing that gaming win increased by 4.81%.
Not unexpectedly, the increase in gaming win resulted in an increase in the tax revenue collected for January. In total, Nevada collected $96,100,468 in taxes for February based on the taxable revenue from January 2023. When compared to the $81.5 million in taxes collected for January 2022, the result this year marked a solid increase of 17.86%.
Month-over-month comparison of taxes also showed an even more significant increase. In December 2022, taxes collected by Nevada hit $66.7 million. This result, compared to the $96.1 million from January shows that taxes for the start of the year increased by 44%.
Clark County Revenue Soars
A breakdown of the $1.27 billion in revenue reported for January shows strong performance from Clark County, the home of the gambling capital of the world, Las Vegas. Overall, the gaming win reported by Clark County operators this January hit $1.13 billion, marking a 21.64% increase when compared to the $928.7 million from the same month in 2022.
A further breakdown reveals that the Las Vegas Strip and Boulder strip reported the highest revenue with $713.2 million and $96.4 million respectively. This marked an increase of 25.74% and 13.33% respectively. Downtown casino operators saw an increase of 25.45% in gaming win for January which hit $84.9 million.
South Lake Tahoe operators saw a gaming win of $17.4 million in January, marking a year-over-year increase of only 1.77%, while Elko County operators’ gaming win hit $32.7 million, up by 3.07% when compared to January last year.
In contrast to the positive results, Washoe County operators saw a decrease in revenue for January. In total, the gaming win halted at $64.7 million this January, marking a decrease of nearly 13% when compared to the $74.4 million result from January 2022.
Recently, the NGCB revealed that operators in Nevada saw $153.2 million in bets on the Super Bowl. This result didn’t surpass the $179.8 million record in wagers set in 2022, but still marked the fourth best result for the state.
William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.
