The city of Las Vegas is known for being one of the biggest tourism hubs in the United States. Unfortunately, visitation rates have been low here since March of 2020. Some analysts now believe that allowing live sports in Las Vegas can help the city to recover.
There are many hoping to see Las Vegas bounce back in 2021. The casino companies here continue to see low revenue figures. Today, we’ll talk about how the allowance of more sports could help things here.
Let’s get into it!
Signs of Recovery Are Appearing in Las Vegas
The world’s land-based casino industry changed forever in 2020. Early on in the year, all of the casinos across the United States were ordered to shut down. It took months for states to begin allowing their gambling venues to operate again.
Nevada is known for having one of the world’s biggest casino industries. As a result of the mass casino shutdowns, cities like Las Vegas immediately started suffering immensely. Las Vegas would eventually become the hardest-hit city from an economic standpoint due to the events that unfolded throughout 2020.
Even after the casinos reopened, casino revenue in the city remained extremely low. Tourism was almost non-existent for months and casinos were forced to abide by intense health and safety regulations. There are clear signs that things are now recovering, though.
January’s revenue figures increased in a big way when compared to December. The casinos on the Las Vegas Strip brought in a combined $321.5 million in revenue during January. That’s a fairly large jump in monthly revenue, but still represents a 43.8% drop in year-on-year earnings.
Tourism numbers seem to be increasing here, as well. Infection rates are dropping and many of the casinos in the city are increasing their operating hours. Some experts believe that this summer will help to bring a huge amount of money into the city.
A full recovery will take time. Many here are now looking for ways to expedite this process.
Here’s How Live Sports in Las Vegas Will Help the City in 2021
Just a decade ago, Las Vegas was never thought of as a sports town. This was a casino hub all the way and many felt a major professional sports franchise would never make its way to the city. Times have certainly changed.
Today, Las Vegas is home to both an NFL and NHL team. The city has gone in-all on its sports industry and it seems to have paid off in a big way. We still have yet to truly see the impact that the Raiders will have on Las Vegas due to the restrictions set in place since 2020.
Many analysts now believe that live sports in Las Vegas are a necessity for the city to recover. If the new Allegiant Stadium is able to begin allowing fans to games it will help to significantly boost tourism in the city when the 2021/2022 NFL season kicks off. There is an even bigger demand to see games here live now that the stadium has been off-limits for so long.
A bigger emphasis on sports betting could also help to boost tourism in the city. Since May of 2018, the US sports betting industry has been steadily growing. Las Vegas recognizes the new popularity of this industry and many new sportsbooks are beginning to open their doors here.
More interactive sports betting platforms could help to bring in visitors from around the country. Derek Stevens, owner of the Circa Casino-Resort in Downtown Las Vegas, recognizes this fact.
“The pie is growing so much nationally there’s room for us. The growth of sports betting nationally helps us and it helps Las Vegas,” he said during a recent interview.
It seems highly likely that we will see more live sports in Las Vegas in the near future. We’ll be sure to report on how this affects tourism over the next few months!
Sports Betting Revenue Continues to Increase Around the US
More than half of the United States has now approved legislation to allow sports betting. That’s an amazing statistic to see when considering it has only been available since 2018. There is clearly a huge market for this new form of gambling.
Sports betting is becoming more profitable for states every single year. New Jersey seems to have the biggest and most lucrative sports betting industry in the country. The state has set new handle records throughout the past twelve months.
Pennsylvania is also seeing massive revenue earnings from its sports gambling operations. This state is beginning to compete with states like New Jersey in terms of revenue. Most expect these revenue earnings to increase throughout 2021.
Even New York is looking more into the expansion of its sports gambling operations. As of now, only land-based sportsbooks are operating in the state. There are now many lawmakers pushing to allow internet sports gambling here.
Nevada remains the top overall gambling hub in the US. Hopefully, we will see more live sports in Las Vegas becoming available in a safe way soon. That could help to finally get the city back to the tourism levels seen in 2019.
Do you think Las Vegas could use more sports? When do you expect tourism levels to return to normal here? Let us know in the comments section below!