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In the American state of Nevada, aggregated casino revenues for August reportedly increased by 56.9% year-on-year to surpass the $1 billion milestone for a sixth consecutive month as nearly every market chalked up double-digit percentage rises.
According to a Thursday report from the Las Vegas Review-Journal newspaper citing official information from the Nevada Gaming Control Board, the 466 casinos in ‘The Silver State’ collected $1.166 billion from players in August while properties on the Las Vegas Strip recorded a swell of 97.2% year-on-year to $625.7 million. The source detailed that this six-month string of $1 billion totals is currently the state’s second-longest such streak and could equal the record of eight months set from November of 2006 should it continue through to the end of October.
Pinched pessimism:
The newspaper reported that the casino market in Clark County didn’t clear the $1 billion mark as it did in July but nevertheless posted an impressive August upturn of 67.3% year-on-year to $993.4 million. Elsewhere and the North Lake Tahoe purportedly area posted a comparable 9.3% surge while the tally in neighboring South Lake Tahoe grew by 8%.
Environmental effect:
The Las Vegas Review-Journal reported that these latter areas were seriously impacted by the closure of US Route 50, which runs into the adjacent state of California, as a result of large forest fires in the nearby Sierra Nevada Mountains. This situation purportedly forced several of the largest Lake Tahoe casinos to begin shutting up shop from the end of August although their counterparts in Las Vegas benefitted from the post-coronavirus return of several popular shows such as the Michael Jackson One production from Cirque Du Soleil at the Mandalay Bay.
Comprehensive correlation:
Looking at the August figures in comparison with the same month in 2019 and the newspaper reported that statewide casino win was up by 7.8% as only the Las Vegas Strip, North Las Vegas, and Laughlin areas tallied numbers that were inferior to two years ago. Conversely and analogous properties in downtown Las Vegas purportedly posted revenues that were 23.2% better while an improvement of 18.9% was seen by off-Strip venues.
Rugged revival:
Joseph Greff works as an analyst for financial services behemoth JPMorgan Chase and Company and reportedly declared that the year-to-date casino revenues in Nevada are indicative of a ‘robust recovery, no matter how you cut it’ with tax collections for the current fiscal year up by 11.4% year-on-year to $263.9 million. He purportedly used a Thursday report to additionally show that slot win from casinos located along the Las Vegas Strip has risen by 38% since 2019 as associated handle escalated by 38%.
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