The Nevada Gaming Control Board (NGCB) has posted the June numbers for gaming in the state revealing that $1.25 billion in revenue was generated, the 28th consecutive month in which Nevada gambling surpassed the $1 billion mark.
Slight Swoon From June 2022
Although the Nevada gaming market continues to be robust, it was down ever so slightly from June 2022 when the state’s gambling operators collected $1.28 million, a 2.4% decline from the $1.25 billion in June 2023. The state collected $78.6 million in state taxes in June which was a 1.45% increase over the same time last year.
Nevertheless, the revenue for the first six months of 2023 has surpassed the corresponding time frame from last year by 3.25%, to where gaming operators have generated $15.1 billion.
Below are the increases and decreases in gaming for the first half of 2023 compared to the first half of 2022.
- LV Strip: 4.84%
- Downtown: 1.99%
- North Las Vegas: 1.50%
- Reno: -0.44%
- North Lake Tahoe: -7.13%
- Carson Valley area: -2.45%
However, sports betting in Nevada took a dramatic turn for the worse as sportsbooks’ win rate slumped from 4.9% in June 2022 to just 2% in June 2023. The result was just $9.5 million in revenue, a 60.1% decline from the same time last year.
King of Vegas Dethroned
Steve Wynn, one of the pioneers in corporate gaming and founder of Wynn Resorts, has been banned from the Nevada gambling industry and ordered to pay $10 million to settle a 2019 sexual misconduct case by the Nevada Gambling Control Board.
However, Wynn, 81, will be allowed to maintain direct or indirect ownership of 5% or less in publicly traded companies registered with the Nevada gaming authorities. Many of Wynn’s properties were the cornerstones on which the Las Vegas Strip was built including the Bellagio, Treasure Island, and Mirage.
He was also the developer and operator of Wynn Macau located on the island of the same name in Southeast Asia.
The billionaire gaming magnate reportedly paid $7.5 million to settle a lawsuit brought by a manicurist who alleged Wynn raped her in 2005 according to an explosive Wall Street Journal article published in 2018.
Fines Amidst Denials
Wynn Resorts has settled nearly $100 million in fines for transgressions running the gamut from failure to investigate claims of sexual misconduct made against Wynn before he resigned as chairman and CEO of the corporation, to failure to disclose sexual assault allegations against Wynn in applying for a Massachusetts gaming license, to failure to address the sexual misconduct allegations in a New York pension funds operation.
Wynn, now living in Florida, has denied the allegations and attributed the character attacks to an acrimonious divorce from his ex-wife, Elaine Wynn.
Wynn issued a statement back in 2018 which read, in part, “The idea that I ever assaulted any woman is preposterous. We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation.”
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