Pandemic Brings Worst Month For NV Casinos In 22 YearsNonessential Business Closure By Gov. Steve Sisolak Sparked The Revenue Drop |
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The COVID-19 pandemic predictably brought about a 40 percent drop in Nevada’s gaming revenue.
According to numbers released by the Nevada Gaming Control Board, casinos won $618.1 million in March, despite only being open for business for slightly more than half of the month.
Gov. Steve Sisolak ordered all of the state’s casinos to cease operations on March 17, rendering gambling revenue worthless for the second half of the month. The order was initially for 30 days, but was extended through April and now into May as well, in an effort to slow the spread of coronavirus.
The numbers reflect a 39.6 percent drop compared to March 2019. It also snapped a streak of three consecutive months with at least $1 billion in revenue.
It was the worst month in 22 years for Silver State casinos, according to Nevada Gaming Control Board Analyst Michael Lawton. Lawton told the Associated Press that with these same figures will be “much lower” when April’s numbers are released next month since casinos were ordered to stay closed for the entire month.
Sports betting numbers saw some of the largest percentage drops of any form of gambling. While the pandemic closed gambling establishments throughout the state, it also put a halt to the world of sports. The NCAA men’s basketball tournament is one of the most heavily bet sporting events of the year with the first few rounds taking place in March.
The tournament was canceled for the first time in its history, leading to a whopping 83.89 percent drop in revenue from basketball wagers. Sports betting revenue was down 95.53 percent after generating $1.454 million.
Baccarat was the game that saw the smallest drop in revenue. In the 17 days the game was available, casinos raked in $43.034 million, representing a drop of 19.72 percent.
As usual, Clark County made up nearly the entirety of the state’s gambling revenue. The Southern Nevada county won $546.5 million from gamblers, while $299.9 million of that was lost to Las Vegas Strip casinos.
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