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The Grueling Truth - Where Legends Speak / Nevada casinos hit $1 billion for the past 15 months, but numbers expected to decrease

Nevada casinos hit $1 billion for the past 15 months, but numbers expected to decrease

Publish Date: 07/01/2022
Fact checked by: Mike Goodpaster

Nevada casinos recorded a record number in May and won at least $1 billion in each of the past 15 months.

The $1.38 billion was hit last month by Nevada casinos has been the best number for May ever for the state’s gaming industry, which collects the data since 1931. Nevada’s gambling and casino establishments fared 5.7% better than in May last year.

Another vital contributions to these outstanding numbers are the Las Vegas Strip had hosted multiple crowd-attracting events, such as Canelo Alvarez vs. Dmitry Bivol boxing match at T-Mobile Arena, and the Electric Daisy Carnival music festival was held again at the Las Vegas Motor Speedway.

Michael Lawton, Nevada’s senior economic analyst, highlighted the importance of the people coming back to Las Vegas following the COVID-19 pandemic that has forced not only casinos but also other establishments to close down for almost two years.

“This month’s total win amount represents the highest May total gaming win recorded all-time for the state, Clark County, downtown Las Vegas, and the Strip,” said Lawton. “Gaming win on the Las Vegas Strip benefited from special events and baccarat win amounts.”

Strip casinos recorded $731.5 million in May 2022, around 12% higher than in May 2021. Downtown casinos also had been outstanding. Gross Gaming Revenue (GGR) on and around Fremont Street hit $78.8 million, 5.25% higher year-over-year.

The month of May as a honeymoon period is now over. Many Americans reconsider their spending due to the rising inflation nationwide. Not only Nevada but also Maryland, Michigan, New Jersey, Ohio and Pennsylvania are expected to see lower numbers in the coming months.

Data collecting agency Morning Consult suggest that people now consider pulling back their money on leisure, according to a new report issued to Casino.org this week. The firm says 43% of Americans choose to travel less this summer than they did last year.

The data continues by saying just 31% of families earning more than $100,000 per year would have more than one summer trip. In 2021, 44% of the same demographic did not mind embarking on more than one summer vacation.

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