written and last updated by
Sam Smith at
31 Aug 2023
Journalist, Editorial Department
Americans continue to flock to casinos, a trend that may indicate the U.S. economy is far from recession. According to the latest data from the Nevada Gaming Control Board, the state's entertainment industry generated $1.4 billion in revenue in July, marking a 7% increase compared to the same month in 2022.
Michael Lawton, an economist with the Gaming Control Board, attributes the strong financial performance primarily to slot machines. Revenue from this segment reached the third-highest total in state history and the second-highest for the Las Vegas Strip.
The rise in international visitors is also contributing to Nevada's casino revenues. In July, Harry Reid International Airport recorded over 290,000 arrivals and departures of foreign tourists, the highest number since the onset of the COVID-19 pandemic.
This successful month raises the likelihood that the state's gaming industry will achieve record results for the third consecutive year. Nevada casinos reported a gross revenue of $13.4 billion in 2021 and $14.8 billion in 2022.
The robust performance of the industry partly reflects the overall health of the U.S. economy. If consumers were concerned about their finances, they would be less likely to travel to Las Vegas.
American investment manager Jim Chanos previously noted that casino revenues can serve as a reliable data source. "The Las Vegas Strip metrics have been a pretty good leading/coincident indicator of consumer demand in the U.S. Note the slowdown in 2000 and 2007, prior to the last two recessions," Chanos tweeted on March 28.
In related news, Pragmatic Play is promoting live games through an expanded partnership with Gamesys Group.
