The gambling industry in Nevada is showing no signs of slowing down anytime soon. New reports have just surfaced that indicate Nevada’s gaming revenue surged again over the month of January. Now is a great time to talk about exactly how much money the state’s gaming operators brought in over the month.
The country’s casino and sports betting industry is already thriving this year. Many states are working hard to expand their number of gambling options.
Here’s what you need to know!
Breaking Down Nevada’s Gaming Revenue Figures for January
Nevada has long been the country’s largest gambling destination. It’s here that some of the most profitable casino and sports betting companies are based. These companies struggled tremendously throughout 2020, yet saw an incredible bounce back throughout 2021.
It is now looking as if 2022 will be an even better year for the gambling industry in Nevada. Tourism into the state has already been increasing. Casinos on the Las Vegas Strip are beginning to anticipated major surges of visitors leading into the warmer spring months.
This week, we learned more about Nevada’s gaming revenue figures for January. Incredible, gambling revenue across the state surpassed $1 billion for the 11th-straight month. The Gaming Control Board released these revenue reports, showing that the casinos brought in nearly $1.1 billion in GGR, representing a more than 41% increase when compared to January of 2021.
It should come as no surprise to see the Las Vegas Strip accounts for the majority of this revenue. This area of the city reported $567.2 million in GGR. What is most incredible is the fact that these revenue figures were earned even with the lower-than-usual tourism due to the Omicron variant.
The impressive revenue figures here likely indicate that 2022 will be a great year for Nevada’s gambling industry. How will the casinos here fare when compared to in other parts of the country?
More States Release Revenue Reports for January
January tends to be a somewhat slow month for the US gambling industry. The holidays have ended and many are looking to save their money after an expensive December. Incredibly, many states are already reporting very impressive revenue gaming revenue figures for the month of January.
It’s clear that Nevada’s gaming revenue over January surged. This state experienced major increases in its casino and sports betting revenue compared to the same month a year prior. It is far from the only state to experience revenue surges, though.
New York also posted very impressive gaming revenue figures over the month. This state launched its first online sportsbooks in early January. In just their first 30 days of operating, these sportsbooks managed to generate more than $70 million in tax revenue for the state.
Pennsylvania is home to one of the largest casino industries in the Northeastern United States. This past January, the casinos here managed to bring in $393 million in total gross gaming revenue. That is more than $5 million than the previous record set last October.
Most experts are expecting to see even more impressive revenue figures over the month of February. Stay tuned for more updates on the revenue figures here over the rest of the year!
More Las Vegas Casino Sales Have Been Finalized
Las Vegas is where many of the world’s most powerful casino companies are based. That includes companies such as MGM Resorts International, Wynn Resorts, and Las Vegas Sands. Many of these companies have been involved in major casino sales in Las Vegas over the last few years.
Las Vegas Sands has just finalized its sale of The Venetian. The company sold this famous property to Apollo Global Management for an astounding $6.5 billion. Much of the casino’s operations will remain the same, yet the new owners have hinted at upcoming renovation projects.
MGM Resorts International agreed to part ways with The Mirage recently. It sold this property for just over $1 billion to Hard Rock International. Shortly after this sale, MGM revealed it was purchasing The Cosmopolitan with the deal yet to be completed.
Several of the other major casino companies here have hinted at upcoming sales and purchases. Many gaming operators are doing their best to break into the Las Vegas casino market. All signs point to this city having its best year to date in 2022.
Nevada’s gaming revenue over January broke $1 billion once again. Do you expect these impressive revenue gains to continue over the rest of the year? Let us know in the comments section below.