FEATURED IN THIS ARTICLE:
- New Revenue Record For Commercial Casinos in 2022
- Another Big Super Bowl Betting Year For Nevada
- Reeves Replaces Fenton as Bally’s CEO
This week’s casino news starts off with big news from both the 2022 calendar year and sports betting in Nevada. The revenues in both cases were quite surprising, making a lot of gaming boards and governments quite pleased.
Commercial Casino Win Hits New Record
The American Gaming Association just released some of the 2022 numbers for the commercial gaming revenue in the United States. The revenues were wildly impressive, which surprised even the most optimistic of outlooks. It was reported that the country brought in $60.4 billion in commercial casino wins throughout just a single year in 2022. This is the single-highest total for a full year in commercial gaming history. The previous highest was set at $53.0 billion, back in 2021.
This record total was bolstered by an impressive fourth quarter. They ended the year by raking in an all-time high in quarterly commercial gaming revenue, taking in $15.9 billion. CEO Bill Miller and AGA President had this to say about the record, “Our industry significantly outpaced expectations in 2022.”
It was also announced that Atlantic City and the Las Vegas Strip were the top positions in the commercial casino market in 2022. That’s not a big surprise as Las Vegas is known as the place to play in the United States, while Atlantic City continues to be strong in the Northeast. Behind these places came the Washington, D.C./ Baltimore area in third, where the MGM National Harbor is located followed by Chicagoland, which rounded out the top four.
Nevada Sportsbooks Bring In Significant Number Of Wagers During Super Bowl
Now that the dust has settled from the Super Bowl, reports are surfacing to indicate just how much revenue that the sportsbooks made. While the profits are still being compiled, there’s no doubt that the action showed a massive turnout for sportsbooks in Nevada. The Nevada Gaming Control board announced that they hauled in approximately $153.2 million worth of wagers on this year’s Super Bowl. The contest was a showdown, where the Kansas City Chiefs of the AFC took down the Philadelphia Eagles of the NFC despite the Chiefs being listed as slight underdogs in the matchup.
Unfortunately, this total was slightly lower than the amount they were able to record a year ago. That total wound up being $179.8 million in the game between the Cincinnati Bengals and the Los Angeles Rams.
Nevada continues to grow by the day when it comes to sports betting. Throughout the entire 2022 calendar year, $8.7 billion was gambled on sports. With legal sports betting expanding rapidly, Super Bowl wagers keep on reaching high totals as the years pass by. While many were worried that Nevada would struggle once many other states opened up the doors for sports betting but that’s not the case. The headwinds from online sports betting also hasn’t seemed to slow down action in Nevada either.
Bally’s Corporations Finds A New CEO
Bally’s Corporation has been in the news for various reasons recently, but this time, it’s good news. They’ve finally found themselves a brand-new CEO to fill the position left behind by Lee Fenton. Fenton had announced that he would be stepping down from his position, opening the door for Robeson Reeves to fill the role moving forward. Reeves isn’t expected to be sworn in as the new CEO until March 31st, 2023.
Fenton had become the CEO of the company back in October 2021, shortly after they had picked up Gamesys Group PLC, where he was the CEO of for five-six years. Fenton will also not be sticking around the organization either. He said that he will be stepping away from the Board of Directors in Bally’s as well.
Reeves was also a member of Gamesys, joining them in 2005. He was in multiple leadership positions with them, including being the COO of Gamesys until 2015. Now, he’s preparing to lead Bally’s Corporation, a company that owns 15 casinos that are spread out across 10 different states. There are also plans to help them acquire another casino in an 11th state.
