Nevada enjoys its best ever May marking 15 months of $1bn plus revenues

The monthly total was 5.71 per cent up on May 2021 and 32.4 per cent up on May 2019. It was also the fourth highest monthly total in history, coming behind third-place November 2021 when $1.321bn was generated, second-place March 2022 at $1.355bn, and the best ever month of July 2021 which brought in $1.359bn.

The Strip saw a 11.6 per cent jump in revenues to $731.5m and a 41.4 per cent increase from May 2019. Downtown was up 5.2 per cent to $78.8m, up from $74.9m in May 2021, up 43.8 per cent versus May 2019.

Michael Lawton, a senior economic analyst at the Gaming Board, said: “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. Gaming win on the Las Vegas Strip benefited from special events and baccarat win amounts. Additionally, the Strip was lifted by strong demand for travel; Reid International recorded its third busiest month of all time in May.”

“Additionally, the state continues to benefit from growth in leisure travel due to several signature special events that occurred during the first five months of the year. Some of these events included the NFL Pro Bowl, the NHL All-Star Game, NCAA college basketball tournaments, NASCAR weekend … and multiple concerts at venues throughout Las Vegas.”

Hotel occupancy came in at 82.6 per cent in May, falling 1.4 per cent on last year.

Joseph Greff, an analyst with J.P. Morgan, said: “Demand in the Las Vegas locals market decelerated month over month, more than anticipated, which may be the lower-end Las Vegas locals consumer worsening. That said, even if June slows relative to May, we don’t see downside to (Boyd and Red Rock Resorts EBITDA estimates), but further second-half deceleration could suggest modest downside to their locals (casinos during the) second-half of 2022 revenues/EBITDA results.”

Mr Lawton added that the demand for travel was not particularly affected by higher prices for petrol although there was ‘some softness in certain market segments has been noted primarily on the lower end.’

“In the short term, historically rising gas prices have not correlated with lower gross gaming revenues as consumers have been able to spend through the higher prices, however, we understand that if these prices sustain, demand could be pressured,” he explained.

By Phil