Nevada Casinos Smash Two-Month Old Revenue Record In JulyThanks To Increased Tourism And Five Weekends Throughout The Month, Silver State Casinos Won $1.35 Billion Last Month |
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Nevada casinos shattered its monthly revenue record in July as the state’s operators made it five consecutive months winning at least $1 billion from gamblers.
According to numbers released by the Nevada Gaming Control Board, Silver State gamblers lost $1.35 billion in casinos in August. It’s the largest one-month sum in the state’s gaming history and breaks the previous record of $1.23 billion set in May. It’s a massive jump from July 2020, as casinos were still in the process of reopening, but also a 33% increase from July 2019.
The state’s robust month came from resurgence of gambling on the Las Vegas Strip. Strip casinos won $793.66 million, more than half of the state’s entire revenue, and a whopping 30% increase from June.
Strip revenue saw massive gains as tourism continued its rebound. According to the Las Vegas Convention and Visitors Authority, the number of people that visited the city jumped 130% from a year ago with 3.3 million visitors. It is still down 10.4%, however, compared to July 2019. A full month’s worth of revenue from Resorts World Las Vegas, and the fact that there were five weekends in July added to the Strip’s performance.
Casinos in Clark County, which includes the Las Vegas Strip, won nearly the entirety of the state’s gaming revenue. The Southern Nevada county won $1.16 billion from gamblers. Downtown Las Vegas won $71.2 million, which outside of the Strip was the next largest sum.
Given that there is still room to grow from the pre-pandemic era, there are some analysts that are painting a rosy picture for the gaming market. Others, however, are sticking to a timeline of 2023 before a full recovery after seeing tourism numbers for August and a rising COVID case count with the Delta variant.
“The trend is going in the wrong direction from a case perspective and that’s not good for group business,” Colin Mansfield, an analyst for Fitch Ratings told Forbes. “There’s still not enough evidence on the convention recovery and international recovery to sway us one way or the other yet on bringing that recovery forward.”
Other areas aside from the Strip won record amounts as well. Washoe and Elko Counties also set single-month records with $100 million and $34 million, respectively. Elko smashed its record set in March, while Washoe’s nine-figure month was the highest since August 2002.
Reno, the largest market within Washoe County, made up the majority of the county’s revenue with $72.4 million. Wendover casinos won the majority of Elko’s revenue with $23.38 million.
With the record revenue came a record tax collection. The state government collected $97.7 million in tax revenue from the casinos.
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