The US casino industry has been rapidly improving over the past year. Casino companies across the country continue to report solid revenue figures each month. It now appears that several major casino stock prices are starting to surge.
This is shaping up to be the best year in history for the casino industry. There are still some concerns that things could devolve, though.
Here’s what you need to know about this situation!
Las Vegas Reports Record-Breaking Revenue Figures for July
The entire US gambling industry suffered throughout 2020. For a time, it seemed that some of the country’s most powerful casino companies were on the brink of collapse. Things have turned around, though, and most of these companies are now thriving.
That is certainly the case with the casino operators based in Las Vegas. This past July, these companies on the Las Vegas Strip managed to bring in a staggering $793 million. Nevada’s total gross gaming revenue came out to $1.35 billion. Tourism numbers are surging here, yet remain below pre-pandemic levels.
These numbers represent the best month in history for the Las Vegas casino industry. There seem to be several reasons for these revenue surges. That includes the opening of Resorts World Las Vegas, the most expensive gambling venue ever opened in the city.
Many experts are now predicting another record-breaking month in August. Historically speaking, this is one of the best months of the year for the US casino industry. Millions have been flocking to Las Vegas over the past 30 days and many expect to see gambling revenue in Nevada hit new all-time highs.
These revenue increases seem to be having an effect on several casino companies’ share prices. Here’s what we know about these recent price jumps.
Several Major Casino Stock Prices Have Recently Surged
Back in March of 2020, all of the US casino operators saw their stock prices plummet. These companies were badly affected by the mass casino shutdowns ordered that month. Fortunately, most have seen their revenue figures rebound over the past year and a half.
New reports surfaced this week claiming that several companies saw large increases in their share prices. That includes Wynn Resorts, Las Vegas Sands, and MGM Resorts. Interestingly, these price hikes are not a result of the revenue surge experienced in the US.
Instead, these prices are jumping due to the events taking place in Macau. Earlier this week, news broke that Mainland China was removing its travel ban to and from Macau. This is almost guaranteed to result in a major gambling revenue surge for Macau’s casinos.
The aforementioned casino companies each own and operate casino-resorts in Macau. These casinos have been struggling immensely since 2020. If all goes according to plan, things will begin to really turn around for Macau’s casino industry this fall.
Sports betting revenue continues to rapidly increase around the United States, too. That was not necessarily the case this past July, though. Now is a great time to take a look at how much money the casino operators around the country brought in last month.
US Sports Betting Revenue Falters in July
For many years, sports betting in the United States was limited to Nevada. This was due to the Professional and Amateur Sports Protection Act. In May of 2018, the Supreme Court made history by removing PASPA and opening the country’s sports betting industry.
Every state now has the ability to legalize this form of gambling. More than half the county has already chosen to do so. Reports are now surfacing that shed light on how much money the sports betting operators in these states brought in last July.
Tennessee has just reported that it earned $129 million in total gross payouts. That is a large drop from the $159 million the state saw in June. August is almost guaranteed to be a significantly more successful month for the sports betting industry here.
Iowa saw its sports betting revenue drop for the fourth-straight month last July. $7.1 million was earned in total gross gaming revenue last month. That represents a more than 15% drop from the $8.4 million earned during the month prior. We’ll be sure to offer more updates on the sports betting industry revenue reports for August!
Are you surprised to see casino stock prices increasing right now? Will Macau’s casino industry begin to thrive? Let us know in the comments section below.