Nevada’s $1.23 Billion in Casino Revenue Has Set New Records For The State
Last year, the COVID-19 pandemic forced the casinos in Nevada to just their doors and kept the tourists away. But Nevada’s tourism and gambling industry has made a roaring comeback with casinos collecting a winning of $1.23 billion in May. This is the highest one-month collection in the history of the state. Until now, the highest record was valued at $1.165 billion which was set back in October 2007.
The record win came even before the tourist-reliant state lifted all restrictions on June 1st on tourist entry and business activities. The casinos’ win has surpassed the $1 billion mark continuously for three months in a row. Even before the state lifted the restrictions, tourists were seen flocking to the casinos of Las Vegas. And a majority of casino resorts were allowed to operate on 100% capacity.
What Does the Expert Say?
As per the Las Vegas Convention and Visitors Authority’s reports, in May, approximately 2.9 million individuals visited Las Vegas. This showed an increase of around 12% from last month. Additionally, 71% of the hotel rooms were occupied throughout the month. In fact, at the weekend, the occupancy rate climbed to 88%.
The hotel occupancy rates and visitations rates are yet to match the levels set in the same duration in 2019. It is irrelevant to make comparisons from last year as casinos were all shut down from the middle of March to early June 2020 to contain the spread of the pandemic. A senior analyst, Michael Lawton, who works with Nevada Gaming Control Board, revealed that the casino wins of May month were generated by revenues from slot machines collecting 358.3 million at the Las Vegas Strip and powerful baccarat revenues.
Casinos from the famed Las Vegas Strip collected $655.5 million, which is around 27% per cent more than the winning from the same month in the year 2019. Across Nevada, sportsbook operators bagged approximately $477.4 million in their bets. This is a 50% increase from May 2019. Additionally, they won $27.1 million, which is a 140% boost from the same period in 2019. Lawton further added that both these winnings were this month’s record. In May, gambling activities in the state of Nevada generated $107 million in terms of tax revenue. Casino taxes are second to sales tax as an annual budget of Nevada. Nevada is a state which has no revenue in terms of personal income tax.
These numbers really surprised everyone, granted that the Strip highly depends on business conventions and tourists, and they both are yet to be back on track fully. According to the Las Vegas Convention and Visitors Authority reports during April, the number of visitors in Las Vegas was 27% down in comparison to April 2019. Additionally, the occupancy rate had decreased 24%, and airline passenger numbers were also down to 32% during that time. But the local gambling market continued to be in full rage.
With restrictions lifted across the state, we can expect the numbers to soar high in the coming months.