Nevada began to open its gambling and tourism industry in early June. This month is now wrapping up, and we’re continuing to see just how devastating it can be to close down the state’s gambling industry. Nevada’s gaming revenue figures for May are out and many are shocked to see how little money was made.
Fortunately, the casinos are now back up and running. It’s guaranteed that more money will be made in June than was made in May. Today, we’re going to break down these revenue reports.
Let’s get into it!
Las Vegas is Working Hard to Get Back to Normal
Our team has been covering the situation in Las Vegas for months. Back in March, we continued offering updates on the casino shutdown. Back then, not even the top gambling analysts in the country could accurately say when the city’s casinos would be able to open back up.
Mayor Carolyn Goodman was one of the first officials to start calling for the city to reopen. Most health experts criticized her eagerness to get the casino industry up and running again. Unless strict health and safety measures were set in place, it seemed likely that a new surge in Covid-19 cases would end up taking place.
In mid-May, casino companies presented a comprehensive reopening plan to state leaders. Eventually, the Nevada Gaming Control Board officially approved this plan. Governor Sisolak announced that many casinos in the state would be given permission to reopen on June 4th.
Many were skeptical about how many tourists will begin flocking to this city. Concerns over the new coronavirus are still very new, yet many want an escape from the regulations in their own states. According to several reports, a surprisingly large number of people from around the country immediately started flocking to Las Vegas.
It shouldn’t come as a major surprise to see that Covid-19 infection rates have begun to skyrocket over the past few weeks. Nevada’s infection rates are rising sharply and many casino workers are now complaining that not enough safety measures are set in place to protect them. This week, revenue reports for May came out and things are just as bad as many predicted they would be.
Nevada’s Gaming Revenue Figures For May Have Been Released
The state of Nevada is filled with casinos. In many ways, the casino industry here is the lifeline of the state. Shutting down these gaming venues back in March affected Nevada in ways that may last for decades.
Everyone knew that gaming revenue back in May would be low. It’s still surprising when you see just how little money the state’s gambling industry really made. Nevada’s gaming revenue figures have just been released and it’s clear that the state desperately needed these gaming venues to open back up.
According to the Gaming Control Board, the state’s gambling industry brought in just $5.8 million in May of this year. To put things into perspective, this state earned $982 million in May of 2019. That represents an incredible 99.4% drop in revenue.
Nevada’s gaming revenue figures for May came entirely from online poker and internet sports betting. Some parts of the state including Reno and Laughlin saw their revenue figures decrease in May. The casinos in South Lake Tahoe brought in just $17,457.
The Las Vegas Strip earned the most money during the month of May. This area of the city is home to the biggest and most impressive casino-resorts on the planet and managed to bring in $3.8 million. The great thing is that revenue will assuredly be higher in June. Exactly how much money was earned last month is not yet known.
Las Vegas Casinos Still Struggle To Bring in Players
The time period between March and early June was perhaps the toughest in the history of Las Vegas. Hundreds of thousands of individuals here were left without work after the casinos closed. The casino companies themselves told the media that they won’t be able to survive without significant loans from the federal government.
The casinos here began opening on June 4th, yet that doesn’t mean things have immediately turned around here. Tourism is still significantly lower than it was at the start of this year. After a new order from Governor Sisolak, some fear tourism rates will begin dropping here once again.
Late last month, Sisolak announced that it is now required to wear masks in public venues, including casinos. Exactly how well this is being enforced is up for debate. Most agree, however, that an order like this one is likely to put off many potential visitors.
Nevada’s gaming revenue figures for May prove how devastating it can be to close down the state’s casinos. It’s an extremely difficult situation and no one seems to understand how to effectively move forward.
More casinos are scheduled to open up here over the next few weeks. No one really expects state leaders to force these properties to shut down again anytime soon. We’ll continue to offer updates on this situation.
Do you plan on visiting Las Vegas anytime soon? How much money do you expect the casinos here to earn this summer? Let us know in the comments section below!