In a successful year of profits, Nevada casinos raked in more than $15 billion from hapless gamblers in 2023.
Casinos on the Las Vegas strip raked in more than $900 million from gamblers in December alone, contributing to a record month for the state.
Nevada’s Gaming Control Board said the state posted $1.43 billion in profits for the month of December – the highest ever.
Much of the increase is due to renewed enthusiasm following the closure of casinos due to COVID-19, while high-profile events such as the Formula 1 Grand Prix in late November, the opening of the $2.3 billion Sphere and the opening on December 13 from the Fontainebleau Hotel and Casino, results also improved.
Last year’s total gaming revenue rose 4.6 percent from 2022, when the state set a new record with revenues of $14.8 billion.
Nevada’s Gaming Control Board said the state posted a profit of $1.43 billion for the month of December, while full-year revenue was $15.5 billion.
Forbes reported that the state has posted $1 billion in monthly revenue for 34 months in a row since reopening from the Covid-19 pandemic.
The comic’s $905 million profit last month was up 11.2 percent from December 2022.
Michael Lawton, senior economic analyst for the board, said: ‘This month’s results were mainly driven by the Strip, thanks to the high-end baccarat game and record closing volume and winnings.
“Baccarat winnings on the Strip increased by $72.9 million and accounted for 61.4% of the total increase in gaming winnings on the Strip.
“The state and The Strip have now set three consecutive records for calendar year revenue: 2021, 2022 and 2023.”
Forbes reported that slot machines generated $10.2 billion statewide last year, an increase of 2.8%.
Table games set an annual revenue record for the category at $5.2 billion, up 8.3 percent from 2022.
Baccarat, a game popular with international gamblers, generated $1.4 billion statewide.
In a report from last year the Wall Street Journal reported that payouts for winning blackjack had fallen, while losses for players increased.
The outlet said Vegas casinos have reduced the number of tables with dealers, increased minimum bets during busy periods and increased their advantage over players in games.
Blackjack, a fast card game, historically paid out at a 3:2 ratio if a player had 21 on the first two cards.
That means a gambler wins $15 for every $10 bet. Some blackjack tables on the Strip now pay out at a 6:5 ratio, meaning the same $10 only pays out $12.
With roulette, the odds are also increased in many places. The number of triple-zero tables – which add another slot to the wheel and increase the chance of hitting a chosen number – has increased.
Table games set an annual revenue record for the category at $5.2 billion, up 8.3 percent from 2022
Slot machines grossed $10.2 billion statewide last year, up 2.8% from the year before
Minimum bets are also increasing, meaning players will have to risk more money to play games.
The record year was made possible by the continued growth in the number of visitors to the city of Las Vegas.
According to a report from the Las Vegas Convention and Visitors Authority, 40.8 million people came to the city in 2023.
That was 5.2 percent more than the 38.8 million tourists who arrived in the city a year earlier.
In a report published in December, analysts tampered with their outlook on gaming for 2024 due to pent-up demand created during the pandemic.
The Fitch Ratings report said: “Las Vegas continues to surpass previous record gaming revenues, but could decline in 2024 as the impact of pent-up demand fades and the customer mix shifts to more non-gaming customers.”
The record year was made possible by the continued growth in the number of visitors to the city of Las Vegas
McLaren’s Lando Norris in action during practice drives for the Las Vegas Grand Prix on November 17, 2023
The Fontainebleau Las Vegas hotel-casino is seen along the Las Vegas Strip on September 27, 2023 in Las Vegas, Nevada
While Brendan Bussmann, managing partner of B Global, a gaming and hospitality company, told Forbes: “Right now, $1 billion has become the monthly revenue norm.
‘Last year brought spectacular figures, there is no other way to describe them.’
Bussman said 2024 is already off to a strong start in Las Vegas, and that will continue with the upcoming Super Bowl LVIII.
He added: “I am cautiously optimistic that we will continue to see slow and steady growth in 2024, but there may be dips along the way.
“It will all be about hanging on in the face of economic uncertainty and issues such as inflation, rate cuts and geopolitical issues, which provide a cautionary tale for the future.”
Figures from the game board show that so far they have collected $84,924,974 in taxes last month alone.