Thursday October 1, 2020 at 4:09 am

At first glance the numbers show overall revenue in the state of Nevada is down 22% from last summer, with Las Vegas Strip revenue down 39% in August. But considering we're still in the middle of a pandemic, the overall numbers are nothing but good news for casino operators in Nevada. With pro sports returning and the NBA playoffs in full swing, sportsbetting revenue spiked +65% in August.

VegasBoardSportBett

The numbers are out and it's not pretty overall, but looks great if you're in the sportbetting business. Overall casino revenue dropped 26% in July and dropped 22% in August compared to last summer. Vegas has been partially opened all summer, but only a small number of outsiders (mostly from California and the Southwest) ventured to Sin City.

So, your meat and potatoes gamblers (ho hum, degen slot addicts and craps junkies) might not have returned to casinos in Las Vegas in big numbers, but sports bettors are wagering more than ever with the return of major sports in America. The Nevada Gaming Control Board released their latest numbers for August 2020 and statewide revenue is down 22% from August 2019.

According to the NGCB report, "Nevada's nonrestricted gaming licensees reported a total 'gaming win' of $743,038,562 for the month of August 2020. This amounts to a 22.08% decrease compared to August 2019, when licensees reported a gaming win of $953,623,896. For the fiscal year (July 1, 2020 through August 31, 2020), gaming win has decreased 24.20%."

Fiscal year to date, revenue in Nevada is down from 1.98 billion to 1.5 billion.

The Las Vegas Strip accounted for over 42% of all revenue at $317.3 million in August. That's down almost 39% from last summer.

Downtown Las Vegas also saw a drop off of 21% from last summer.

The Boulder Strip, a popular locals' spot, is one of the few places to see an increase in revenue at 29%. Seems obvious but locals did not venture downtown or to the Strip and stuck close to home.

Reno, Nevada is only down nearly 15% from last summer. Their overall fiscal YTD revenue is down 12%.

South Lake Tahoe or Stateline is down just 7%. However, the popular tourist destination is down 27% fiscal YTD.

Laughlin accounted for less than 5% of all the gaming revenue in Nevada. They were down 9% for the month and 13% YTD.

The overall numbers that dipped are no surprise considering the current situation in America with the coronavirus continuing to spread without much of a concerted effort to slow the spread or thwart it outright. States are essentially on their own to fight in and many of them with casinos have opened their doors with some modifications (temperature checks, wash stations, plastic guards at table games and poker tables), but most of that seems like “theater”, because in the end most greedy corporations only care about the bottom line and quarterly profits/losses, so they don't really care about people (especially their employees).

The big greed machine that runs America and keeps the gears of Las Vegas moving 24/7 continues to carry on despite the coronavirus drastically altering the gaming biz, airline industry, convention industry, and overall tourism. Las Vegas reopened a little bit at a time at the start of the summer, despite the fact that Mayor Goodman did not want shutdowns at all and volunteer the citizens of Las Vegas to be the guinea pigs. Some properties have yet to reopen, but others that have been shuttered since March like Planet Hollywood, finally expects to return to action on October 8.

Plus, there's the highly anticipated opening of the new Circa Casino. It's from the Stevens Brothers who are most known for owning the Golden Nugget and the D. That will open at the end of October, and it's supposed to be the first modern casino in downtown, plus a haven for sportsbettors. Considering how sports betting revenue is keeping all the lights on in Vegas at the present moment, the new casino could not open at a better time.

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Thursday September 29, 2022 at 7:04 pm
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