Nevada has seen a drop in gambling revenue for months. Many analysts hoped that the casinos here would be back to normal by this time, or at least something close to normality. Unfortunately, new reports have just surfaced that show gaming revenue in NV has dropped once again in September, 2020.
This is what everyone hoped they would not see. The major casino-resorts in this city have been hurting badly for most of this year. Today, we’ll take a look at how much gambling revenue different areas of the state managed to bring in.
Let’s get into it!
More US Casinos Ask For Additional Funding From the Government
Nevada is not the only state seeing its casino industry in peril. Every state around the country has seen significant drops in gambling revenue throughout 2020. That includes other major gaming destinations including New Jersey, Louisiana, and Mississippi.
This is terrible news for both casino companies in the country and the thousands of individuals employed in this industry. If casinos fail, many lose their jobs and cities lose out on valuable money. It’s a serious issue that many have been trying to fix for months.
Earlier this week, officials within the American Gaming Association began pleading for more relief aid from the federal government. This group claims that many major casinos around the US are now in danger of failing. The AGA wants to ensure that casino companies will be included in any future relief bills.
Some gambling companies are finding valuable revenue in the form of sports betting. 24 states have now approved sports gambling legislation. States such as New Jersey are now seeing hundreds of millions being placed on sports every single month.
The US is now home to the largest sports betting market in the world. Many major European sports betting companies are now trying to break into this industry. Casinos may be hurting, yet sports betting continues to thrive.
We’re now seeing how much the casino industry in Nevada managed to bring in during September.
Reports on Gaming Revenue in NV for September Are Finally Here!
We’ve been covering the casino revenue reports in Nevada for the entire year. It’s been disappointing to see how many of the casino companies in this state have been bleeding money. Unfortunately, nothing changed during the month of September.
New reports from the Nevada Gaming Control Board show that gaming win in September was 22.4% lower when compared to the same month in 2019. The amount of money the casinos brought in was very similar to last month. Certain areas of the state were hit harder than others.
Overall, revenue in Clark County came out to $666.7 million. The Las Vegas Strip took the biggest hit in the entire state with a 39.1% decrease compared to September 2019. The casinos here managed to bring in just $354.7 million. Downtown Las Vegas saw a slightly-less-dramatic 21.5% drop in gaming revenue.
Most predicted that gaming revenue in NV would fall once again in September. Not many felt things would continue to drop by such large levels, though. No one can accurately say when Nevada’s massive gambling industry will get back to pre-pandemic levels.
Casino companies based in Las Vegas are now scrambling to come up with ways to save money. That includes laying off employees and closing down some of their properties for certain days of the week. Some companies are even discussing major casino sales.
Here’s what is happening in this city.
Las Vegas Sands is Interested in Selling US Casinos
For decades, Las Vegas Sands has been one of the most powerful casino companies in the United States. The Sheldon Adelson-run company has major properties all around the world. Like all other casino companies, LVS has been experiencing major drops in revenue throughout 2020.
Things appear to be getting dire for this company. Reports recently surfaced that Las Vegas Sands is interested in selling several of its major casino-resorts in Nevada. This deal could bring the company upwards of $6 billion.
Many analysts were surprised to hear that Las Vegas Sands was interested in selling some of its biggest properties. A move like this would only be done if it was completely necessary.
The idea that Macau would help to save companies like LVS has not turned out to be true. Casino earnings in the Chinese territory have been extremely low this year. It could be years before this trend changes.
We may see more major casino-resort sales soon. Casino companies may begin shifting their focus more towards online casino gambling and sports betting. Hopefully, relief aid helps these companies maintain their popular gaming venues.
Are you surprised to hear that gaming revenue in NV has dropped again? When do you expect things to improve here? Let us know in the comments section below!