Nevada’s long and complicated road to recovery continues. Things are bouncing back in a big way and casinos around the state have been reporting large surges in players lately. This week, we learned that Nevada’s gaming revenue for March jumped by an incredible 67%.
This is what officials in the state have been hoping to see. Nevada relies heavily on its gaming industry. Now is the perfect time to discuss exactly how much money flowed into the state last month.
Let’s check it out!
Las Vegas is Set to Remove Capacity Limits Soon
Tourism is an instrumental part of Nevada’s economy. Back in March of 2020, the state’s tourism industry came to a screeching halt. This, of course, was due to the global health crisis and shut down of the state’s casinos.
It wasn’t until June that casinos here were able to begin operating again. Shortly afterward, tourism rates into cities like Las Vegas slowly began to increase. These visitation rates still remained far below what was seen a year prior, though.
There are many reasons why tourism rates have remained low. Many analysts pointed toward the intense regulations set in place as a reason. It makes sense, as many visitors are unwilling to visit the city with so many regulations set in place.
Things are about to change in a big way. Governor Sisolak recently announced that businesses in Las Vegas will be able to operate at 100% capacity beginning on June 1. This is expected to boost tourism rates moving forward.
Many signs point to a major recovery already taking place in the city. Hotels in the city have been reporting major surges in visits over the past few months. This summer is shaping up to be one of the most successful in the city’s history.
We are now beginning to see how much money the gambling operators in the state brought in last month. Here’s what you need to know!
Here’s a Look at Nevada’s Gaming Revenue for March
Throughout almost the entirety of 2020, gambling revenue in Nevada hit record lows. It took a devastating toll on the casinos in the state. No one seemed to know how long this downward spiral would last for, either.
We’re now beginning to see a change. As we already mentioned, tourism rates are increasing here as the months go on. This directly leads to more gambling revenue flowing into the state’s many casinos.
Reports on Nevada’s gaming revenue for March have just been released. To the delight of state leaders, revenue here increased by 67% last month. It’s the first major increase the state has seen in more than a year.
Nevada’s gaming win passed the $1 billion mark during the month of March. In Clark County, revenue increased by 63.4% when compared to March of 2020. These numbers represent the biggest win since 2013 and clearly show that Las Vegas is recovering in a massive way. Michael Lawton, a senior research analyst for the NV, Control Board, spoke about this situation to the media this week.
“These numbers are higher than I think anyone anticipated,” he said. “Demand was obviously a driver, in addition to capacity being increased to 50 percent on March 15 and the NCAA basketball tournament being played after last year’s cancellation. However, these numbers also benefited significantly from stimulus payments allowing for increased spend by customers across the state including locals and visitors.”
It seems highly likely that gaming revenue throughout Nevada will increase as the months go on. July should end up being a landmark month for the city. Let’s look at why that is.
The Opening of Resorts World Las Vegas is Less than Two Months Away
The past year hasn’t been easy for the major casino-resorts in Las Vegas. Keeping these venues closed had a tremendous cost. Fortunately, these properties will soon be able to operate at 100% capacity.
In July, the most expensive casino-resort ever built in Las Vegas will finally open its doors. This is Resorts World Las Vegas, opening in the northern area of the Strip. It cost an incredible $4.2 billion to construct and is expected to be a one-of-a-kind venue.
Last week, news broke that Resorts World LV will officially open to the public on June 24. To say that many are excited about this casino-resort is an understatement. Many feel it will help to significantly boost tourism rates into the city after opening.
This isn’t the only new property that will have opened in 2021. Earlier this year, the Virgin Casino-Resort finally opened in the city. It now sits where the former Hard Rock Hotel-Casino was operating.
Excitement is rising around Las Vegas. There are a huge number of exciting plans being set in place here. If things continue, we could see new gambling revenue records set here as the year continues.
Are you surprised to hear how much Nevada’s gaming revenue for March increased? Let us know in the comments section below!