December has been one of the most profitable months for Nevada, where 434 licensed casinos generated over $1 billion in revenue for a year-on-year increase of 14%. This is the highest yearly percentage increase recorded by any state in comparison to the 2021 December year.
As for the total yearly revenue, the figure stands at $14.8 billion. This is an increase of $1.4 billion from the previous year. It was really in October 2022 when the results began taking shape. The time before that was rather on a chilled note, with the economy struggling in terms of the cost of living amid the Ukraine war, which has affected almost all parts of the world. What made this worse was the Covid-19 pandemic leaving a long-lasting effect on local businesses.
Gambling has turned out to be a unique segment. Gamblers, instead of saving money, often place higher wagers with the hope of winning something big in return. While this attitude is up for debate, it is safe to assume that the industry did face economic issues, but it has ultimately managed to survive the tough tides of the economic disaster.
Nevada Gaming Control Board has issued a statement in this regard, citing that the region continues to receive the benefit from the increasing demand for leisure travel – international or local – along with a healthy economy where employment levels are higher than before.
As per live casino news, the Las Vegas Strip saw an increase of 25% year-on-year in terms of revenue. December was truly a turning point since the month generated $814.2 million.
Since December 2022 was the 22nd consecutive month to record a revenue of more than $1 billion mark, it is needless to say that November was the 21st month while October had the magic number 20 to its name. Every department, including football betting, basketball, parlay cards, and baseball, to mention a few, generated decent revenues for the region.
October 2022 was a point where everyone looked up to wonder if the industry would take off with some of the most negatively affecting events happening across the globe. The industry did take off, and despite a slight downfall in November 2022, Nevada managed to stay at the top by the end of December 2022. Figures for January 2023 are yet to be shared by Nevada. Based on the way it has performed so far, it would not be surprising to see the industry boom yet again for the 23rd month in a row. It could actually give a larger push to end 2023 on a higher note.