Gaming analysts have been eagerly waiting to see how Nevada’s gambling industry managed to fare during the month of July. It marked the first full month that casinos were open since the shutdowns back in March. New reports on Nevada’s gaming revenue for the month of July have just been released and many are impressed at the results.
This doesn’t mean the state is back at pre-pandemic levels of revenue earnings. July marked a significant improvement from June, though.
Let’s take a look at how much the state’s casinos managed to bring in last month!
Tourism Rates Remain Low in Las Vegas
Prior to 2020, Las Vegas was one of the most-visited cities in the United States. More than 40 million tourists would flock here every single year to enjoy the gambling, entertainment, and nightlife available. That changed in March, when state leaders ordered all non-essential businesses, including casinos, to shut down.
This took an immediate toll on the state’s tourism industry. Very few tourists were interested in visiting Las Vegas with nearly everything shut down. At one point, two entire concourses of the Las Vegas International Airport were closed.
By June, Governor Sisolak started to allow casinos to reopen. Hope was this would result in a massive flood of excited tourists. That’s not exactly what took place. Overall, tourism into Las Vegas dropped by 70% in June when compared to the same month in 2019.
The goal for casino companies is now boosting tourism rates. Some casino owners are offering discounted room rates and unique package deals. One major casino was even providing free flights into Las Vegas!
Most expected that tourism rates would increase in July. As time goes on, more people around the country are looking for a fun way to escape their regulations at home. With nearly all casinos in Las Vegas now open, the city is as close to normal as we’re going to get right now.
We’re now seeing how much money the casinos throughout Nevada managed to bring in last month.
Breaking Down Nevada’s Gaming Revenue For the Month of July
As we just mentioned, most analysts predicted that tourism rates in Nevada would increase in July. The same can be said for gambling revenue. With more casinos open, it seemed highly likely that revenue reports would improve.
These predictions were correct. According to new reports from the Nevada Gaming Control Board, Nevada managed to bring in $756.8 million during July. That marks a large increase from the $566.8 million earned here in June.
Mike Lawton, an analyst for the Gaming Control Board, offered a statement on the increase to the media this week.
“This month’s numbers, I think, exceeded everyone’s expectations,” Lawton said. “The question now is can we continue to grow off this.”
Interestingly, revenue from the Las Vegas Strip was much less than many predicted. This area only brought in $330.1 million, marking a 39.2% decrease from July of 2019. Casinos in South Shore Lake Tahoe, another popular gaming area, earned just $21.1 million in July.
Nevada’s gaming revenue during the month of July is an improvement from June. When compared to 2019, however, it’s easy to see that the state still has a long way to go. Revenue earnings in July of 2020 fell by 26.2% million compared to last year.
Nevada Fears More States Regulating Online Gambling
There’s no doubt that Nevada remains the top casino state in the country. Some of the world’s most impressive casino-resorts are located here. Prior to 2020, revenue was surging here and tourism was at an all-time high.
Many people around the country are now choosing to stay home, making their wagers at home. Several states currently regulate their online gambling industries. That includes New Jersey, a state that now earns a huge amount of money from its internet sports betting, poker, and casino options.
More states are beginning to look into the regulation of online gambling. This is worrisome for officials in Nevada, who fear that more online gambling options will result in a tourism drop in cities like Las Vegas. Some now feel that Nevada should get ahead of the game by regulating online casino gambling itself.
Krejcik Gaming Research analyst Chris Grove believes Nevada would benefit greatly by taking this step.
“It’s evident to us that the introduction of online casinos would have an additive impact on the total amount of gambling revenue generated by the Nevada locals market,” Grove said.
It’s great to see that Nevada’s gaming revenue increased from June. Based on the current trend, August will be an even better month.
When do you expect casino revenue in Nevada to return to normal? Let us know in the comments section below!