Many gambling companies cited “economic headwinds” as something on their radar for the rest of the year’s earnings. Nevada’s continued land-based casino success seems to fly in the face of other evidence that purse strings are tihgtening in response to inflation.
Nevada casinos exceed $1B in revenue for 17th-straight month
Nevada has now posted 17-straight months of $1 billion in win. In fact, July 2022 trailed only July 2021 as the most successful month for Las Vegas in particular, with $773.4 million in casino revenue.
The 2021 total came in at $792.6 million, a 2.6% decline year over year. The statewide numbers were $1.32 billion last month compared to the $1.36 billion record set last July.
Hold for the period was 16.6% compared to 19.7% a year ago, which means total bets were likely higher than the record month, which is a good signal for traffic at the properties.
As usual, slots were the most profitable part of the casino floor, responsible for $840 million of statewide casino revenue. Table games brought in $476 million despite dips in both Baccarat (down 13.4%) and Three Card Poker (down 14.4%).
Nevada sportsbooks post worst month of 2022
While the slots and table games were booming, the sportsbook was suffering from the predictable summer doldrums that come with the summer sports calendar.
Year-over-year numbers are a poor means of comparison, as the NBA and NHL Playoffs extended into July in 2021, while they were wrapped up this year. As a result, overall revenue numbers dropped a massive 51.3% YoY.
Handle for the month came in at $419.4 million with $16.2 million in revenue. That makes for a hold percentage of 3.9%, which is below the normal 6-7% Nevada sportsbooks produce.
The entirety of the month’s betting revenue came from baseball betting, as the bettors beat the book in basketball, hockey, football, and parlays.
