For most of 2019, gambling revenue in Las Vegas increased. It was great news, especially considering the rise in competition from other states with expanded gambling options. Las Vegas gaming revenue increased last year for the first time and many predict that 2020 will be even more successful.
This is an exciting time for the city. Some incredible new venues are slated to open here this year. Today, we’re going to take a look at how much gambling revenue was earned last year, and talk about what to expect in 2020.
Let’s get into it!
Nevada Remains the Gambling Hub of the United States
Ask someone what comes to mind when they think about Nevada. There’s a good chance you’ll hear them say “gambling.” The Silver State is home to several major gambling cities including Las Vegas and Reno. For decades, it’s been the gaming hub of the country.
Las Vegas, in particular, is run by the gambling industry. Many of the biggest and best gambling venues in the world are located in this city. Several of the world’s biggest casino companies are also headquartered here, including Las Vegas Sands, MGM Resorts International, and Wynn Resorts.
For decades, Nevada was the only state that could legally offer sports betting options, as well. As a result, thousands of people would flock to this city just to place bets on their favorite teams and players. Today, however, a huge number of states have legalized sports gambling.
This is due to the Supreme Court striking down PASPA back in May of 2018. It immediately gave every state in the country the ability to set its own laws on this industry. More than 20 states now have regulated sports gambling options and earn millions of dollars a month through taxes.
In recent years, a huge number of states have begun expanding their gambling options. Despite this, Las Vegas continues to thrive.
Las Vegas Gaming Revenue Surged in 2019
Early last year, gambling revenue in Las Vegas was fluctuating. There was fear that the new options in states like New Jersey were taking away some of the city’s gambling tourists. Before long, things began to turn around and 2019 proved to be one of the most successful years in the city’s history.
Statewide, casinos in the state of Nevada took in an average of more than $1 billion a month in overall wagers. Nevada’s Gaming Control Board reports a statewide win of $12.032 last year. Clark County, where Las Vegas sits, accounts for more than 86% of the state’s total winnings.
This means that Las Vegas gaming revenue has increased for five straight years. It’s an incredible statistic that shows just how strong the state’s gambling market really is.
The rise of legal sports betting around the country was expected to hit Nevada hard. This doesn’t appear to be the case. Nevada’s sportsbooks won $329.1 million last year. This represents a 9.5% increase from 2018.
Gambling operators in this city have to be celebrating. Many have invested heavily in Macau, which has been struggling to generate revenue lately. Hopefully, this trend continues throughout 2020.
Massive New Properties Set to Open in Las Vegas This Year
As we’ve already mentioned, Las Vegas is home to many of the biggest and best casino-resorts in the world. In 2020, we’re going to see some of the most incredible casino-resorts open in this city. The one that most are looking forward to is the Resorts World Las Vegas.
This massive property has been in the works for years. Several major delays have pushed back its opening date. As of now, it’s scheduled to open in December of 2020.
Resorts World Las Vegas is the most expensive casino-resort ever constructed in Las Vegas. It’s expected to be one of the best properties in the world. Scott Sibella, former president of MGM Resorts International, has taken control of this property and promises that it will be something special.
The Downtown area is also set to welcome some exciting new properties. The most exciting is Circa Las Vegas, owned by Derek and Greg Stevens. This venue will feature a host of amazing restaurants and one of the best swimming pools in the city.
Las Vegas gaming revenue continues to surge. Most analysts predict that 2020 will be an even more successful year.
Stay tuned for more Las Vegas casino news over the next few months!