Nevada Gambling Sector Reports Increase in July Gambling Winnings
Date: 2023-08-31 Author: Kirill Zagoruyko Categories: CASINO, EVENTS
The regulator responsible for gambling in Nevada, the Nevada Gaming Control Board (NGCB), released its latest report on Wednesday, revealing details on outdoor gambling performance for July. According to the latest data, the total gambling winnings recorded by unlimited games licensees last month showed a significant increase, reaching $1.4 billion. This result, compared to the same period in 2022, shows that revenue increased by 6.69% this year.
Good results come in a slower month with fewer sporting events. However, the upcoming Formula One Grand Prix in Las Vegas, scheduled for this November, is expected to further boost the performance of the gaming sector across Nevada.
Increasing gaming revenue has led to higher taxes. Overall, Nevada collected $95.8 million in August taxes, based on taxable income collected in July 2023. Unsurprisingly, this result marked another rise. During the same period last year, collected taxes stopped at $90.4 million, and compared to this year's result, an increase of 5.39% is visible.
The recently released results show that July has been a busy month for the Nevada gambling sector. The total gaming winnings of $1.4 million also surpassed the previously reported $1.25 billion result released a month earlier in June. At that time, the total gaming winnings reported by operators were down slightly by almost 3% compared to last year.
Clark County operators' revenue surged
Clark County, home of the Las Vegas Strip, posted the highest gaming win, and it's no surprise. Overall, unlimited gambling licensees in Clark County received $1.21 billion in gambling winnings last month, up 7.50% from the corresponding period in 2022. Operators in the city center generated $65.4 million in revenue, up 8.91% year-over-year.
In contrast, North Las Vegas recorded gaming winnings fell 2% to $24.1 million, while operators Laughlin and Boulder Strip reported gaming winnings of $46.9 million and $79.4 million. These results marked an increase compared to the previous year by 9.46% and 9.17%, respectively.
On the other hand, in Washoe County, total gaming winnings in July were $100.5 million, up 6.12% from last year. Despite strong performance in Clark and Washoe counties, South Lake Tahoe operators recorded $30.9 million in total gaming winnings, down nearly 3% from last July. Similarly, Elko County reported a 3.02% drop in total gaming winnings last month to $34.9 million.
Good results come in a slower month with fewer sporting events. However, the upcoming Formula One Grand Prix in Las Vegas, scheduled for this November, is expected to further boost the performance of the gaming sector across Nevada.
Increasing gaming revenue has led to higher taxes. Overall, Nevada collected $95.8 million in August taxes, based on taxable income collected in July 2023. Unsurprisingly, this result marked another rise. During the same period last year, collected taxes stopped at $90.4 million, and compared to this year's result, an increase of 5.39% is visible.
The recently released results show that July has been a busy month for the Nevada gambling sector. The total gaming winnings of $1.4 million also surpassed the previously reported $1.25 billion result released a month earlier in June. At that time, the total gaming winnings reported by operators were down slightly by almost 3% compared to last year.
Clark County operators' revenue surged
Clark County, home of the Las Vegas Strip, posted the highest gaming win, and it's no surprise. Overall, unlimited gambling licensees in Clark County received $1.21 billion in gambling winnings last month, up 7.50% from the corresponding period in 2022. Operators in the city center generated $65.4 million in revenue, up 8.91% year-over-year.
In contrast, North Las Vegas recorded gaming winnings fell 2% to $24.1 million, while operators Laughlin and Boulder Strip reported gaming winnings of $46.9 million and $79.4 million. These results marked an increase compared to the previous year by 9.46% and 9.17%, respectively.
On the other hand, in Washoe County, total gaming winnings in July were $100.5 million, up 6.12% from last year. Despite strong performance in Clark and Washoe counties, South Lake Tahoe operators recorded $30.9 million in total gaming winnings, down nearly 3% from last July. Similarly, Elko County reported a 3.02% drop in total gaming winnings last month to $34.9 million.
