Nevada is still seeing major drops in its gaming revenue. The start of 2021 proved to be significantly worse than the beginning of last year. Reports on gaming revenue in Nevada are now out and many are surprised to see where things stand.
Today, we’ll talk about how much money the gaming industry in Nevada managed to bring in this January. We’ll also discuss how the state’s casinos may recover throughout the rest of 2021.
Let’s get into it!
The Virgin Hotel-Casino in Las Vegas is Now Finally Open
Most of the world’s greatest casino-resorts are located in Las Vegas. This city is a true gaming destination and casino companies invest billions of dollars to open new properties in this city. Every few years, an exciting new casino opens its doors here.
The Virgin Hotel-Casino has been under construction here for years. Many have looked forward to seeing what this venue has to offer. It is Virgin’s first casino and the company worked hard to ensure it was one of the best new venues in Las Vegas.
There have been many delays getting this hotel-casino open. Finally, this property is ready to open its doors! The Virgin Hotel-Casino is officially set to open today and many are flocking to Las Vegas to see what is available.
The opening of this new hotel-casino may help to boost tourism into Las Vegas. This city has been working hard to attract more visitors lately. New properties like the Virgin one is a great way to achieve that goal.
This isn’t the only new property opening in Las Vegas this year. Resorts World Las Vegas is expected to be one of the best new casino-resorts in the city. It is currently scheduled to open its doors sometime this summer.
Unfortunately, gaming revenue remains very low around Nevada. We’re now beginning to hear how much money Nevada’s gambling industry managed to bring in this January.
Here’s a Look at Gaming Revenue in Nevada for January
Back in January of 2020, Nevada’s casino industry was surging. Tourism numbers into Las Vegas were high and casinos here were earning huge amounts of revenue every month. Just a few months later, this industry completely shut down.
Nevada’s gaming industry is still trying to recover. It’s becoming more clear that this will take a large amount of time. Reports on gaming revenue in Nevada are now out and many are surprised to see where the numbers stand.
Reports have confirmed that gaming revenue in this state in January dropped by 26% when compared to the same month in 2020. The state earned $761,847,813 this January. That is a significant dip and shows how far the state still has to recover.
Interestingly, the Las Vegas Strip saw the biggest decline. This small area of the city experienced a 43% revenue drop. Overall, the Strip brought in just $321,527,682 this past January.
There are some signs that things are improving, though. Tourism rates are increasing and revenue has been surging lately. Much of this has to do with Governor Sisolak’s decision to remove certain restrictions on businesses here.
Hope is that February ends up being a significantly better month for the state’s gambling industry. Signs indicate that it will be. Stay tuned for updates on the revenue figures here over the next few weeks!
Other States Report Major Revenue Declines
Nevada isn’t the only state to experience a major drop in its revenue figures. Reports have come out this week that show many other states also saw massive drops in their gambling earnings. It’s a tough time for casino companies around the country.
Louisiana saw a massive 23% drop in its gambling revenue this past February. Bad winter storms and heavy restrictions have led to this decline. The casinos here are faring significantly better in March and should report much larger earnings.
Indiana reported losses of 30% last month when compared to January of 2020. That is one of the biggest drops in recent history. Like Nevada and Louisiana, things seem to be improving here in March, though.
The entire US casino industry has a long way to recover. No one seems to know when exactly we will see pre-pandemic revenue figures. Casino markets are improving lately and there are some promising signs on the horizon.
Nevada has some exciting things to look forward to. New properties should help to significantly boost revenue here. Stay tuned for more in-depth revenue reports to surface as the year goes on!
Are you surprised to hear that gaming revenue in Nevada dropped so much in January? Let us know in the comments section below!