Las Vegas On the Up

For the second year in a row, Las Vegas broke all previous records for gaming revenue. But what are the expectations for Las Vegas in 2023? In this post, we’ll break down the Strip’s wins in 2022, as well as share some expert predictions on the year that’s to come.

Las Vegas in 2022: An Overview

The optimism began with a good close to 2022, which saw Nevada surpass its gaming revenue record from 2021 before the end of November. Even though December was the slowest in comparison, its revenue was at an all-time high, making the Strip finish the year with a bang.

Given that in 2021, the world was still primarily affected by the pandemic, it wasn’t all that surprising that Las Vegas had better numbers in 2022. However, a 17.1% increase can still be categorised as phenomenal. A 20.5% rise in the number of visitors is also something to gloat about.

According to The Nevada Gaming Control Board report, the Strip casinos suffered a net loss of $1.95 billion in fiscal 2021, but they’ve surely turned it around last year.

Optimism Galore

It seems to be that only the good things are to come for Vegas in 2023. We can see it from the successful and very well-visited events that the Strip has recently hosted. CES attracted 115,000 participants in early January, while 100,000 people attended the International Builders Show.

The Formula 1 Grand Prix of Las Vegas is set for mid-November, with 100,000 people anticipated. One of the final things needed to fully recover from Covid-19 is foreign tourists, but there’s no shortage of events to attract them. Will Las Vegas Break Records in 2023?

Experts claim that the Strip will likely continue to have record–breaking months in 2023. The international tourist numbers are on a steady rise, but there still hasn’t been a boom which is expected, especially not from China. As the restrictions are becoming more and more relaxed, the only question that remains is when in 2023 will the boom happen. This might take another six months, experts claim.

The Impact of the Recession on Las Vegas

The US will experience a moderate recession in 2023 and 2024, but it is impossible to predict its effects on Vegas. The recession won’t likely be as severe in the Strip as it may be in other parts of the US.

The Downside

Casinos that cater to locals are suffering, as they’ve reported a 1.7% decline in revenue in December of 2022 as compared to 2021.

Some blame online casinos for this. Though online casinos can be a fantastic way to spend free time, they can’t compare to the Strip. It’s impossible to match the experiences that casinos provide their customers in terms of food, entertainment, and nightlife.

Conclusion

The fact that the city is continually reinventing itself and bringing new things to the city, like F1 and many conventions, attests to how great the Strip is doing. When we consider how great of a year Las Vegas had in 2022, we have excellent reasons to believe that their only way is up. After all, there is nothing else on the earth like Vegas baby!