Nevada continues to post impressive revenue figures. According to new reports, last month was a major success for gambling venues here. Nevada’s gambling revenue in October surpassed $1 billion. It’s a major accomplishment that the state has now achieved several times this year.
Some forms of gambling managed to bring in more money than others last month. Overall, things are looking good here.
Let’s get into it!
Las Vegas Casinos Are Thriving in 2019
For almost all of 2019, gambling revenue in Nevada has increased. Las Vegas, in particular, has experienced a major surge in revenue for most of the year. It’s great news, as many casino companies here have recently considered selling some of their biggest properties.
In the past, casino sales indicated that a company was struggling. This is not the case here. A huge number of companies are now selling properties in order to invest more money overseas.
MGM Resorts International is one such company. Just last month, the company officially sold Circus Circus and The Bellagio. The latter sale was the largest in history. Eldorado Resorts is also interested in putting some Las Vegas Strip venues up for sale.
Eldorado is in the process of acquiring Caesars Entertainment for an astounding $17.4 billion. To help make up for this acquisition, the company is looking to sell some of its hotel-casinos. Exactly which hotels may go for sale is still unknown.
Fortunately, casinos in Las Vegas are thriving right now. Most are experiencing massive revenue gains. This is especially true in October, where revenue once again surpassed $1 billion.
Nevada’s Gambling Revenue Surges Again in October
In September, news surfaced that Nevada’s gambling revenue had surpassed the $1 billion mark. Incredibly, the state had reached this goal for the second straight time. Reports from the state Gaming Control Board show that Nevada’s statewide win total came in at $1.022 billion last month.
Clark County gambling revenue came in at $879 million. Revenue from the Las Vegas Strip totaled $538.5 million. Despite the incredible amount of money that came in, revenue is still down 3.85% compared to October of 2018.
When looking at the state’s three-month trend, you see a clear surge in gambling earnings. The months of August, September, and October brought a 2.3% increase in revenue. Downtown Las Vegas experienced the largest increase at 8.85% compared to the same period last year.
Michael Lawton, a senior research analyst for the Gaming Control Board, commented last month’s figures to the media this week.
“Game and table win of $322.8 million decreased by 12.6 percent, $46.5 million, compared with a 10.8 percent increase in October 2018,” he said. “Baccarat win was impacted by decreased volume and a poor hold percentage. Baccarat win of $56.7 million was down 25.7 percent, $19.6 million.”
It may not have been as good a month as September, yet Nevada’s gambling revenue in October was still impressive.
New Casinos Set to Open in Vegas Over the Next Few Years
As we’ve already mentioned, several casinos in Las Vegas are set to be sold. There are also a few major casino-resorts scheduled to open here over the next few years. One of the most exciting is Resorts World Las Vegas, which is slated to open sometime in 2021.
Recently, officials within Resorts World gave an update on this new venue. It’s plans have changed considerably over the past few months. It will no longer have an entire “Asian theme” to it. Two huge video screens are also being placed on the hotel towers. Based on what’s being reported, this will become one of the city’s coolest new properties.
The new Virgin Hotel is also scheduled to open soon. If all goes well, this venue will begin operating in mid-2020. The former Hard Rock Las Vegas Hotel should be another exciting addition to Vegas’ venues.
These new gambling venues are likely to help boost gambling revenue in the state even more. That’s saying a lot, considering Nevada’s gambling revenue has surpassed $1 billion for two straight months.
Stay tuned for more Las Vegas casino news over the next few months!