Las Vegas has been struggling to increase tourism numbers for nearly all of 2020. Things seemed to be improving over the summer, yet the colder months have resulted in another massive dip in tourism figures. This week, new reports on LV gaming revenue for November were officially released!
As most predicted, revenue figures are down once again. In fact, November has proven to be one of the toughest months thus far in 2020. Today, we’ll take a close look at the reports released this week.
Here’s what you need to know!
Las Vegas Casino Officials Remain Optimistic for 2021
The city of Las Vegas is one that relies on tourism in a massive way. This is the true entertainment capital of the United States and is home to many of the biggest, most expensive casino-resorts on the planet. Before March, many analysts expected 2020 to be one of the best years for this city to date.
The opposite turned out to be true. Beginning in March, all of the major casino-resorts in Las Vegas closed their doors. It was an unprecedented situation that ended up having a devastating effect on the city’s economy.
With casinos closed, tourism into the city came to a screeching halt. This led major casino companies to layoff thousands of their employees. It was a snowball effect that is still plaguing Las Vegas to this day.
There’s reason to be optimistic, though. With vaccines rolling out around the country, many major Las Vegas casino companies expect 2021 to be a hugely successful year. That includes Derek Stevens, owner of many popular Downtown Las Vegas casinos including the brand-new Circa Casino-Resort.
Stevens believes that many will be looking forward to a much-needed vacation next year. Las Vegas might be the perfect place for many to escape. It might be wishful thinking, yet this is exactly what the casino companies in this city are gearing up for.
For now, though, things remain far from ideal. We’re just beginning to hear how much money the casinos in this city brought in during the month of November.
Here’s Where LV Gaming Revenue for November Stands
As we just mentioned, things began to quickly improve in Las Vegas over the summer. Tourism rates went up and casinos began offering unique deals to bring in more guests. The good times only lasted for so long, though.
Things began to take a turn as fall drew closer. Health experts warned that the colder months would end up making the pandemic significantly worse. As expected, Las Vegas once again began seeing a major drop in tourism and gambling revenue.
This week, the Nevada Gaming Control Board released reports on how LV gaming revenue for November stands. According to these reports, gaming win for the state dropped by 17.8% last month when compared to October. It also saw a drop of 21.6% compared to November of 2019.
Clark County managed to bring in just $639.8 million during the month of November. The Las Vegas Strip, usually the highest-earning area of Las Vegas, brought in just $349.8 million in November. That represents a massive 32.5% decrease.
Las Vegas has actually been slower to recover than many other casino destinations around the United States. Some areas, such as Maryland and Colorado, have seen relatively low drops in casino revenue. Las Vegas, unfortunately, has been slow to recover.
Many believe that December will end up being an even worse month. We’ll be sure to report on the revenue situation here once new reports are released!
Atlantic City Also Sees Major Revenue Drops
Las Vegas remains the biggest gambling hub on the west coast. Over in the eastern part of the United States, however, Atlantic City is the top spot for casino gamblers. Like Las Vegas, this New Jersey city has been suffering greatly throughout the year.
Revenue has been dropping here almost every single month this year. There’s one big difference to Las Vegas, though. That is the ability for casino operators in Atlantic City to offer internet gambling options.
This has proven to be extremely valuable to these companies. With most residents stuck at home, having a regulated online casino industry is priceless right now. It’s far from perfect, yet this city seems to be faring slightly better than many other major gaming hubs.
In November, gaming revenue dropped by 10% in Atlantic City. The casinos here managed to bring in just $260.86 million over the month. Some fear that New Jersey Governor Phil Murphy may soon order another shutdown of the casinos here.
Things are moving fast here. Not long ago, officials in Atlantic City finally ordered the demolition of the Trump Plaza Hotel-Casino. It’s been a long time coming. Interestingly, the city is allowing individuals to bid on the demolition of this property. We’ll be sure to offer updates on who ends up receiving the right to tear this property down over the next few months!
Are you surprised to hear that LV gaming revenue for November has dropped again? Let us know in the comments section below!