- Legal States
Melanie Porter December 1, 2021 3 min read
Nevada Casinos Reach 8th Consecutive Month with Billion-Dollar House Winnings
In the past eight months, hospitality and tourism in Nevada seem to have returned to normal levels, comparable to those prior to the pandemic. The state that is entirely dependent on revenues from gambling even went on a record streak, reaching its eighth consecutive month with gross revenues going over $1 billion in its casino sector.
Nevada’s Breathtaking Numbers
According to the Nevada Gaming Control Board, casinos in the state won little over $1.2 billion in October. They reached a milestone that was previously set during the Great Recession in 2007. Year-over-year, the October casino revenue went up almost 20% compared to the October 2019 numbers, which is the point of reference used as pre-pandemic levels. In other words, Nevada has been faring better during the pandemic, although the risks to the industry’s sustained growth remain, compounded by uncertainty over virus infections.
Michael Lawton, an analyst with the NGCB, also mentioned the “gaming win” figure for 2021 managed to surpass the 2019 calendar by 9.2%. Nevada recorded $71.8 million in tax revenues based on the October figures alone, according to the same NGCB report.
What Triggered the Rise in Gaming Revenue?
According to Michael Lawton, a conglomerate of factors has contributed to the current state of things. Among them, he mentioned the huge demand for gambling in Nevada, the comeback of dozens of entertainment shows and special events, and the resuming of leisure travel in the country. All of these have brought many Americans eager to spend their money back to Sin City after a long break.
Sports Betting in Nevada Also Set A Record in October
With the return of the Big Four (MLB, NBA, NFL, and NHL) in October 2021, sportsbooks in the state also managed to reach and go over the $1 billion mark in gross revenues. This is another historical figure never reached before in the past.
At the same time, Nevada sportsbooks expressed their disappointment concerning football results for three consecutive weeks during November.
Nevada’s Gaming Revenue Outlook Looks Extremely Promising
The NGCB report was issued on the same day that the world was focusing on the alarming spread of omicron, a new COVID-19 strain in different parts of the planet. The infectiousness of the new and mysterious variant is still being studied.
For the time being, it has not been officially reported in the US or the state of Nevada. Still, it remains to be seen whether new anti-COVID-19 measures will be reimposed this winter because of the new development. For now, casinos in the state remain vigilant and on full alert while observing other state economies getting ready to rule new restrictions.
One thing is for sure: gaming in Las Vegas is undeniably in bloom at the moment, and Nevada’s success and bright outlook are encouraging and inspiring for other states across the country.
After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
Casino December 1, 2021
Casino December 1, 2021