Nevada’s casino industry has been doing everything it can to draw in visitors from around the country. Tourism remains low here, however, and many of the casinos are struggling to bring in revenue. New reports shed light on the casino winnings in Nevada earned during the month of December.
Things are clearly still difficult for major casino hubs around the US. It’s difficult to say when things will completely return to normal. Today, we’ll take a look at how much money the casinos in Las Vegas managed to bring in last December.
Let’s get into it!
Casino Owners Hope Vaccines Boost Tourism in Las Vegas
It has been almost a year since the casinos in Las Vegas first shut down to the public. It was an unprecedented moment for the city. The tourism industry here came to a screeching halt and casino owners were left in the dark of when the city would reopen.
Nevada’s casinos began to reopen in June. Over the summer, tourism into the city slowly began to increase. Numbers remained far below what was seen in 2019, yet casinos were happy to see an influx of visitors.
As the colder months approached, tourism rates dropped once again. Health experts began warning against any unnecessary travel. Due to the drop in visitors here, many of the casinos in Las Vegas were forced to close during weekdays.
There is reason to be optimistic. Many analysts believe that with effective vaccine distribution, places like Las Vegas could begin seeing a surge of new visitors. There are high hopes that leisure travel will begin to surge again by the time summer rolls around.
It’s a fascinating time for this city. Several massive new casino-resorts are scheduled to open in Las Vegas over the next eleven months. All of the casino operators are hopeful that things begin to turn around over the next several months.
For now, Las Vegas is still struggling. December proved to be a very rough month for the casinos here. We’re now seeing exactly how much money was brought in.
Casino Winnings in Nevada Dropped by 35% in December
Casinos around the country saw double-digit revenue drops throughout most of 2020. As winter approached, revenue earnings dropped considerably. This week, the reports on casino revenue in Nevada during December finally came out.
These reports confirm that Nevada saw an astounding 35.35% drop in GGR during December. All of the casinos throughout the state brought in just $683.7 million over the month. It’s a significant drop from the more than $1 billion earned the same month a year prior.
The Las Vegas Strip recorded the biggest loss of nearly 50% in year-on-year revenue. This area of the city is home to the biggest and most-expensive casinos in the state. Unfortunately, the Strip brought in just $292 million during December.
Casino winnings in Nevada are still low. Every single part of the state saw a significant drop in earnings last month. Based on the state of the country, many analysts expect revenue earnings to be even lower for the month of January.
Las Vegas isn’t the only casino hub to see a significant dip in revenue. Every city that is home to a casino industry is hurting right now. That includes several popular gambling destinations on the East Coast.
Atlantic City is facing many of the same issues that Las Vegas is. Fortunately, this city is still seeing money come in from its profitable sports betting industry.
Atlantic City’s Sports Betting Industry Continues to Surge
Since May of 2018, the US sports betting industry has grown exponentially. More than half the country now has a regulated sports betting up and running. That includes New Jersey, which continues to see huge revenue earnings from its sports betting options.
Here, both land-based and online sports betting is perfectly legal. In 2020, the online sports gambling options here saw a major increase in popularity. New Jersey saw its all-time sports betting handle record broken on several occasions throughout the year.
Revenue from this industry continues to surge. It comes at a great time. The casinos in Atlantic City are still struggling to bring in players right now. Fortunately, these casinos are still managing to bring in money via sports gambling.
The gambling industry in Atlantic City is about to get some more competition. Soon, a new casino-resort will be opening its doors in Philadelphia. That of course is the Live! Casino & Hotel Philadelphia.
It will be interesting to see if this new PA gambling venue takes away from Atlantic City’s gambling revenue. Many are also curious to see if this property manages to see large revenue increases.
Are you surprised to see where casino winnings in Nevada stand in December? When do you expect things to improve here? Let us know in the comments section below!