For more than a year, major casino companies across the US have seen major drops in their monthly revenue earnings. There are some clear signs of recovery lately. New reports claim that Penn Gaming’s revenue has been increasing significantly over the past month.
It’s fantastic news for this company. Today, we’ll talk about what has led to this surge in revenue. We’ll also talk about some of the ways that Penn National Gaming has been expanding over the past few years.
Let’s get into it!
Casino Revenue is Fluctuating Around the US Right Now
The US casino industry suffered a huge blow in March of 2020. As most know, this was the month when nearly all casinos across the country were ordered to shut down. It took months for any of the casinos here to reopen.
Reviving this industry proved to be significantly more difficult than most predicted. Many states began allowing their commercial casinos to start operating in the early summer. Unfortunately, many were forced to shut down again by the time the fall approached.
Lately, casino revenue has been fluctuating around the country. Some major gaming hubs such as Nevada have been seeing increases in their tourism numbers. Other, smaller casino destinations have seen drops due to poor weather and a jump in infections.
There is reason to be optimistic for the rest of the year. Vaccine distribution is up and travel is beginning to increase around the country. There are several exciting new casino-resorts scheduled to open in Nevada over the next few months that are expected to boost tourism numbers.
That is great news for the many different casino companies around the US. Many have seen massive revenue declines since early last year. It is finally beginning to look as if there is light and the end of the tunnel for these casino operators.
Some of these companies are already seeing big surges in their revenue figures. That includes Penn National Gaming, one of the fastest-growing casino companies in the country.
Penn National Gaming Reports Major Revenue Surges in March
Most familiar with the US gaming industry have heard of Penn National Gaming. This company now owns and operates 41 different gaming venues around the country. It’s also becoming a major player in the quickly-emerging US sports betting industry thanks to its partnership with Barstool Sports.
Throughout most of 2020, Penn National Gaming saw massive declines in its revenue figures. Fortunately, it seems that things are turning around. CEO Jay Snowden spoke to the media this week and claimed that revenue in March is surging in a way that no one predicted.
“What we’re seeing right now in the business … is revenues and volumes that I haven’t seen in years. The month of March has been incredible,” he said. “We saw really high spend per visit when people came, but the visitation was still way down year over year because those that were 65-plus years old weren’t coming back.”
It seems that the increase in vaccines is helping casinos in a major way. Snowden claims that it’s leading to a major increase in casino visitations. He also claims that sports betting revenue from March Madness is helping to boost Penn Gaming’s revenue.
This is great news for Penn National Gaming and other casino companies around the country. It seems that the US gaming industry is finally beginning to bounce back. Major casino hubs such as Las Vegas and Atlantic City are likely to see major boosts in revenue as the year goes on.
Las Vegas, in particular, is expected to see huge surges of tourism this summer. Here’s a look at what will lead to this tourism surge.
What Will Help to Boost Tourism Rates in Las Vegas?
Las Vegas is one of the most-visited cities in America. Under normal circumstances, more than 40 million people would flock here every single year. Since March of 2020, however, tourism numbers here have been very low.
It’s clear that things are beginning to recover, though. Effective vaccine distribution is leading to a major surge of travel into Las Vegas. The casinos here are now operating at 24-hours a day and have been seeing large increases in revenue.
This vaccine distribution seems to be the primary reason for this surge in tourism. It also seems likely that the opening of new casinos here are bringing in more visitors. Several exciting new properties are set to open here over the next few months.
The Virgin Hotel-Casino opens its doors tomorrow! This venue is Virgin’s first casino and is expected to be fantastic. There are some fun things being planned for the venue’s grand opening.
Resorts World Las Vegas is expected to be one of the biggest and best casinos ever built in Las Vegas. It cost $4.2 billion to construct and is a true state-of-the-art masterpiece. Many are excited to see what this venue has to offer.
Are you surprised to see Penn Gaming’s revenue increase again? When do you expect tourism numbers in Las Vegas to reach pre-pandemic levels? Let us know in the comments section below.