Nevada casinos extend billion dollar revenue streak to six months

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For the sixth consecutive month, Nevada casinos reported 10-figure gross revenues. According to figures released by the Nevada Gaming Control Board, Silver State casinos earned $ 1.165 billion from players in August.

That’s a slight drop from July’s record $ 1.35 billion, but August has always been one of the best months for casinos in the state’s market history. Similar to July, revenue for August was driven by the continued resurgence of action on the Las Vegas Strip.

Casinos on the famous stretch of Las Vegas Boulevard earned $ 625.69 million from players, which is about 54% of the state’s total revenue. This is a whopping 97.22% increase from August 2020, but is down from the $ 793.66 million those same casinos earned a month earlier. Compared to the pre-pandemic of August 2019, this is a jump of 20%.

The big tourist-centric Las Vegas Strip numbers are a key part of Nevada’s continuing rebound. Some analysts believe the trend will remain intact in the short term.

“I think we’re still on this growth path,” said Michael Lawton, senior research analyst for the Nevada Gaming Control Board. Forbes. “I’m not going to guarantee $ 1 billion again, but the plan is here to continue.”

One of the main reasons July was a banner month was the increase in tourism. That month, 3.3 million visitors made it to Sin City, but in August tourism fell 9.2%, according to a report by the Las Vegas Convention and Visitor Authority.

Persistent fear of the spread of the delta variant could be the cause of the drop in tourism rates. In late July, Nevada Governor Steve Sisolak reimposed an indoor mask mandate that required players to cover their faces inside casinos. August was the first full month with the edict back in effect.

Lawton said Forbes that the mandate, the delta variant and a slowdown in demand for flights to Las Vegas worried him about a near-term peak in the market.

Apart from the band, all parts of the state have seen their revenues increase year over year. Based on year-over-year percentage gains, downtown Las Vegas recorded the second-largest revenue increase. Operators downtown reported gross revenues of $ 64.2 million, an 80.54% increase from the same month a year ago.

Based on revenue in nominal terms, Boulder Highway casinos did better than any other area outside of the Strip as the properties made $ 91.1 million from players. Boulder Highway, Downtown Las Vegas, and the Las Vegas Strip are all located in Clark County, which alone earned nearly $ 1 billion, accounting for 85% of the state’s total revenue.

If Nevada can record at least $ 1 billion in additional gaming revenue in September and October, it would tie its own record for consecutive 10-digit revenue months. The record currently stands at eight and was set between November 2006 and May 2007.


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