Operator News
US – Nevada enjoys 11th month of $1bn gaming revenues in a row
By Phil - 28 February 2022
Nevada’s casino industry is closing in on securing a whole year of $1bn monthly revenues with January’s total becoming the 11th consecutive month the state’s gaming revenues gas surpassed the landmark.
Nevada’s gaming floors generated $1.078bn in January, up 41.5 per cent than January 2021 and up 9.6 per cent from January 2019 before the pandemic. The Las Vegas Strip was up 76.4 per cent from 2021, reaching $567.2m. Slot win came in at $731.5m in January up 39 per cent compared to January 2021 and coin-in came in at $10bn, up $2.2bn or 27.3 per cent. Table games revenue reached $347.3m, an increase of 47.5 per cent. January’s betting total of $1.1bn marked another new record with Nevada’s sports books generating more than $1bn in bets in four consecutive months
Nevada Gaming Control Board Senior Economic Analyst Michael Lawton said: “The Gaming Control Board is pleasantly surprised by these results, considering the considerable headwinds during the month, due to a surge in COVID cases caused by the omicron variant. Most notably, the outbreak disrupted group business associated with the Computer Electronics Show on January 5–7. Additionally, the outbreak, along with severe weather across the country, led to thousands of flight cancellations into Harry Reid International Airport, which also negatively impacted foot traffic on casino floors during the first half of the month.”
Hotel occupancy in January reached 59.3 per cent, 27.7 points up from January 2021, but 24.7 points down from January 2019.
J.P. Morgan analyst Joseph Greff said: “Strip demand was strong considering the impact of omicron and flight cancellations. Strip table-game drop increased 30 per cent versus January 2019, but this was offset by a tough hold comparison – 11.3 per cent in the month versus 15.1 per cent in 2019.”
Brendan Bussmann, a partner with Global Market Advisors, added: “This not only continues to show the resiliency of gaming, but also how the recovery continues to move forward in a meaningful way. With the return of conventions and hopeful return in the near future of international customers, gaming will tend to bode well and hopefully continue growth as inflation and fuel prices are shrinking the leisure customers’ pocketbooks.”
