The state of Nevada has been trying to boost its tourism industry for months. Casinos were finally given permission to reopen in June, and many experts felt that revenue would increase here considerably. This week, reports on Nevada’s gaming revenue for June were officially revealed to the public.
It’s clear that things are improving here. It will still be months, at least, before things truly get back to normal. Now is the perfect time to look at how much money casinos in this state managed to bring in last month.
Let’s get into it!
The Las Vegas Casino Industry Continues to Evolve
Our team has been covering the news of what’s happening in Nevada for months. As most already know, the casinos in this state were forced to close down back in March. These massive gambling venues remained closed for nearly three months.
Residents across Nevada started to demand change. Closing casinos had a devastating impact on the state’s economy. That was especially true in Las Vegas, which relies almost entirely on tourism and gambling revenue.
Casinos in the state were given permission to reopen on June 4th. At first, only a few casinos reopened including the New York-New York Hotel-Casino and The Bellagio. Over the next few weeks, more casinos on the Las Vegas Strip started to reopen.
We’re now entering August, and all of the major casino-resorts in Las Vegas have reopened. Tourism rates in Las Vegas continue to fluctuate. As more regulations are implemented inside these casinos, less visitors seem to be heading into the city.
During the months of March, April, and May, gambling revenue in Nevada was almost non-existent. Analysts were torn on how much money would be made in June. Now, we’re finally seeing how much revenue the casinos here managed to bring in last month.
Reports On Nevada’s Gaming Revenue For June are Out!
As we just mentioned, the casinos in Las Vegas were given permission to open back up on June 4th. It was exciting news for casino companies across the state. Even the top gaming analysts in the country couldn’t predict how much money these venues would bring in, though.
The Nevada Gaming Control Board has just released its revenue reports for the month of June. According to these reports, the state’s casinos managed to bring in $566.8 million last month. That represents a 45.5% decrease from June of 2019.
With that being said, casinos here are happy to see any revenue come in. Some are surprised to see which parts of the state saw their revenue jump the most. Nevada’s gaming revenue for June on the Las Vegas Strip fell by an astounding 61.4%. Revenue in Downtown Las Vegas fell by 55.6% when compared to 2019.
The revenue drop in more local casino destinations was far lower. This clearly shows that tourism rates in the city have dropped considerably. Interestingly, Nevada saw its sports betting revenue win streak come to an end.
Statewide, Nevada’s sportsbooks saw a drop in revenue of $483,000. Much of that is due to casinos opening and winning bettors cashing in their tickets.
The state of Nevada isn’t experiencing the same level of success that it did at the start of 2020. Fortunately, things seem to be improving. McCarran Airport saw triple the number of visitors in June that it did in May. Many feel that tourism rates here will gradually increase as the year goes on.
How Are Other Casino Destinations Doing Right Now?
Nevada isn’t the only state to see its gambling revenue drop. In fact, this state is doing much better than many others when it comes to their casino industries. It’s not surprising, as states like New Jersey did not allow their casino industries to begin operating again until July.
Things aren’t looking great.
New Jersey’s gambling revenue fell by nearly 67% during June. All land-based gambling venues were completely closed down during this time. Interestingly, online gambling revenue was actually up this month.
New reports indicate that online gambling revenue increased by 123% in June. Many of the casino companies operating here are now focusing considerably more on offering better online gambling platforms. Casinos in Atlantic City reopened in July and revenue here is guaranteed to be considerably higher than it was in June.
All states are now allowing casinos to begin operating again. Some are implementing stricter regulations than others. Even Florida, known for having some of the loosest regulations towards Covid-19 in the country, is looking closer at ways to make casinos safer. The Seminole Tribe here recently announced several new safety measures to better protect guests at Hard Rock Casinos.
Nevada’s gaming revenue dropped considerably in June. Many are simply happy to see casinos bringing in some cash. We’ll continue offering updates on US casino revenue over the next few months!
When do you expect casino revenue to get back to 2019 levels? Let us know in the comments section below!