Nevada’s Gaming Revenue Over January Surged Once Again

Las Vegas Nevada Sign Big Pile Of Money

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.

Gaming Revenue in Nevada was Down More than 25% in January

Las Vegas City

Nevada is still seeing major drops in its gaming revenue. The start of 2021 proved to be significantly worse than the beginning of last year. Reports on gaming revenue in Nevada are now out and many are surprised to see where things stand.

Today, we’ll talk about how much money the gaming industry in Nevada managed to bring in this January. We’ll also discuss how the state’s casinos may recover throughout the rest of 2021.

Let’s get into it!

The Virgin Hotel-Casino in Las Vegas is Now Finally Open

Most of the world’s greatest casino-resorts are located in Las Vegas. This city is a true gaming destination and casino companies invest billions of dollars to open new properties in this city. Every few years, an exciting new casino opens its doors here.

The Virgin Hotel-Casino has been under construction here for years. Many have looked forward to seeing what this venue has to offer. It is Virgin’s first casino and the company worked hard to ensure it was one of the best new venues in Las Vegas.

There have been many delays getting this hotel-casino open. Finally, this property is ready to open its doors! The Virgin Hotel-Casino is officially set to open today and many are flocking to Las Vegas to see what is available.

The opening of this new hotel-casino may help to boost tourism into Las Vegas. This city has been working hard to attract more visitors lately. New properties like the Virgin one is a great way to achieve that goal.

This isn’t the only new property opening in Las Vegas this year. Resorts World Las Vegas is expected to be one of the best new casino-resorts in the city. It is currently scheduled to open its doors sometime this summer.

Unfortunately, gaming revenue remains very low around Nevada. We’re now beginning to hear how much money Nevada’s gambling industry managed to bring in this January.

Here’s a Look at Gaming Revenue in Nevada for January

Back in January of 2020, Nevada’s casino industry was surging. Tourism numbers into Las Vegas were high and casinos here were earning huge amounts of revenue every month. Just a few months later, this industry completely shut down.

Nevada’s gaming industry is still trying to recover. It’s becoming more clear that this will take a large amount of time. Reports on gaming revenue in Nevada are now out and many are surprised to see where the numbers stand.

Reports have confirmed that gaming revenue in this state in January dropped by 26% when compared to the same month in 2020. The state earned $761,847,813 this January. That is a significant dip and shows how far the state still has to recover.

Interestingly, the Las Vegas Strip saw the biggest decline. This small area of the city experienced a 43% revenue drop. Overall, the Strip brought in just $321,527,682 this past January.

There are some signs that things are improving, though. Tourism rates are increasing and revenue has been surging lately. Much of this has to do with Governor Sisolak’s decision to remove certain restrictions on businesses here.

Hope is that February ends up being a significantly better month for the state’s gambling industry. Signs indicate that it will be. Stay tuned for updates on the revenue figures here over the next few weeks!

Other States Report Major Revenue Declines

Nevada isn’t the only state to experience a major drop in its revenue figures. Reports have come out this week that show many other states also saw massive drops in their gambling earnings. It’s a tough time for casino companies around the country.

Louisiana saw a massive 23% drop in its gambling revenue this past February. Bad winter storms and heavy restrictions have led to this decline. The casinos here are faring significantly better in March and should report much larger earnings.

Indiana reported losses of 30% last month when compared to January of 2020. That is one of the biggest drops in recent history. Like Nevada and Louisiana, things seem to be improving here in March, though.

The entire US casino industry has a long way to recover. No one seems to know when exactly we will see pre-pandemic revenue figures. Casino markets are improving lately and there are some promising signs on the horizon.

Nevada has some exciting things to look forward to. New properties should help to significantly boost revenue here. Stay tuned for more in-depth revenue reports to surface as the year goes on!

Are you surprised to hear that gaming revenue in Nevada dropped so much in January? Let us know in the comments section below!