Nevada remains shut down due to the quick spread of the new coronavirus. As a result, the state’s gaming industry is essentially closed off to the public. New reports indicate how much gambling revenue in Nevada fell last month.
It’s disappointing, yet not entirely surprising news. Not even the top officials in the state can accurately say when casinos will get back to normal here. Today, we’re going to look at how much revenue was earned last month.
Let’s get into it!
Nevada Officials Discuss Plans to Reopen Casinos
We’ve been reporting on the casino closures in Las Vegas for weeks. Things began in March, when Governor Sisolak called for all non-essential businesses, including casinos, in the state to close down. The Governor did not give a clear answer on when these gambling venues would be able to open their doors again.
As time goes on, the impact of these regulations becomes more severe. The gambling industry in Nevada employs a huge number of individuals. Unfortunately, the majority of these workers are now unable to work due to all casinos being closed.
This is obviously affecting the state’s tourism industry, as well. Almost no one is choosing to visit Las Vegas right now. As a result, many other businesses in the state that rely on tourists are now suffering, as well.
Nevada’s gambling regulator is now beginning to discuss plans to reopen casinos. This state government body is making it clear they need to see social distancing measures set in place. It’s also likely that we’ll see temperature checks will be required on the casino floor.
Several casinos have announced they’re preparing to open next month. Until the Governor gives these casinos the green light, however, this won’t be possible. This week, new reports are beginning to show how much money is being lost as casinos remain closed.
Gambling Revenue in Nevada Plummeted in March
Las Vegas has always been the gambling hub of the United States. Over the past few years, revenue in this city has been on a steady incline. Many felt the city was entering into a golden age and several major new venues are scheduled to open here over the next few years.
Due to the global pandemic, things have changed. Casinos are closed and tourism here is now almost non-existent. Many analysts predicted that gambling revenue in Nevada would end up being incredibly low during the month of March.
These predictions turned out to be correct. The Nevada Gaming Control Board has just revealed that the state’s gambling revenue fell by 39.6% last month. On the Las Vegas Strip, this revenue fell by an incredible 45.7%.
Casino table game revenue dropped the most at 59.5%. Slots also saw an incredibly steep drop off of 54.2%. The amount of money that sportsbooks made here dropped by 95.5%. Not even online sports betting was able to help make up for these losses.
This is the lowest amount of money that Las Vegas casinos have earned since February of 1998. Interestingly, February of 2020 was one of the best months in history.
Most analysts predict this downward trend will continue. This is almost guaranteed now that Governor Sisolak is expected to extend the stay-at-home order.
Nevada Governor Plans to Extend Current Measures
This hasn’t been an easy couple of months for Steve Sisolak. The Governor has been forced to shut down much of the state economy. The fact that many other state leaders are actively fighting against his measures doesn’t make things any easier.
Sisolak, like all other US Governors, is attempting to balance the economy and public safety. Many had wondered whether or not Sisolak would choose to extend his stay-at-home order and shutdown of non-essential businesses. We now have an answer.
The Governor spoke with ABC reporter Amy Robach about his plans for the future. Despite gambling revenue in Nevada dropping, Sisolak claims he plans to extend the current measures set in place.
“We’re calling it Nevada United Road Map to Recovery. We’re going to ease some of the restrictions that we had previously as it relates to retail curbside pickup. Some of our outdoor activities we’re going to loosen up what some of the restrictions are,” Sisolak said. Unfortunately we’re going to have to extend the stay at home order a little bit. We just have not reached exactly where we want to get in the downward trajectory.”
This certainly won’t go over well with the Mayor of Las Vegas. She’s repeatedly called for restrictions to be lifted. Governor Sisolak is clearly not interested in hearing from the longtime mayor.
Gambling revenue in Nevada will be even worse in April. We’ll need to wait and see how long it takes for casinos in the state to get back to normal. Stay tuned for updates!