Consistency is the name of the game for the gaming sector in Nevada. The July figure marked the 29th month in a row that their gaming win has exceeded $1bn.
One reason for the record gaming win in July was table game revenue. The total of $513.1m was the second-highest recorded in a single month. Compared to July 2022, the amount recorded this year was 7% higher than 12 months ago.
It’s always important to look at the figures recorded by the Las Vegas Strip. The July figures will certainly please those who own businesses in the famous neighborhood. There was a rise of 7.9% from last July with a total of $834.9m.
That beat the previous record of $792.6m seen in July 2021. July was certainly a bumper month as the figure recorded was up 14.8% reported for the previous month.
The first seven months of the year saw gaming revenue up 4.1% on that recorded last year. It’s looking as if the record annual figure of $14.8bn seen last year will be beaten.
It’s important for the casinos in Nevada to be performing well, especially on the Las Vegas Strip. Businesses struggled during the COVID-19 pandemic with land-based casinos being closed for long periods. It’s been difficult at times for them to regain momentum since then but the corner has truly been turned now.
It’s not just the casino business that is performing well. Sports betting revenue in Nevada for July was $25.3m, up 55.7% from the figure reported in July 2022. Of that amount 65.7% came from online and mobile betting.
How do the figures recorded compare with other US states? New Jersey legalized online casinos ten years ago and this summer renewed the license for another five years. July saw gambling revenue in the state was $506.2m.
The figure of just over half a billion dollars was 5.3% higher than in the same period in 2022. They also saw a big jump in revenue from June with the July figure 10.7% higher.
While slot machine revenue rose, there was a 3% drop in land-based casino gambling. NJ casino operatorsmade a hefty contribution to those results and it’s no surprise that the license for online casinos in the state was renewed. The politicians wouldn’t want to lose all the gambling tax that they receive.
Online gambling saw a big boost though and was 13.5% higher than last year. Again, it was slots that were the driving force with a $152m amount recorded. Online poker also saw a big increase in revenue.
New Jersey also saw a big increase in the sports betting section of the market. The 61% recorded in July was 35.6% higher than last year. Total gambling revenue for the first seven months of the year was $3.23bn, up 11% compared to last year. Online casino revenue rose by 14.2% to $1.09bn.
It was a good month too for the Pennsylvania gambling industry. Combined total revenue was $467.04m in July 2023. That was an impressive 8.85% rise compared to the amount that was generated in July of last year.
A key reason for that rise was iGaming table games revenue with a massive 48% increase from July 22. It was a great month for online slot revenue too with a 31.9% increase from 12 months before.
Overall revenue for US commercial casinos in July was a record $5.4bn in July. Figures released by the American Gaming Association showed that casino winnings were in the neighborhood of 6% from July 2022. The revenue from in-person casino games in July was a total of $4.4bn, another monthly record.
The best ever year for the industry looks like happening. The figure for the US gambling industry up to the end of July is 11% ahead of the amount recorded last year.
Of 31 US states that had legalized gambling by July 2022, 21 of them saw growth in revenue figures during July. Just five (Florida, Indiana, Iowa, Louisiana and Mississippi) saw their casinos report lower figures for the first seven months of the year.
Overall, the US gambling industry continues to prosper, particularly in the state of Nevada with the rest of 2023 looking likely to see that trend continue.
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