For the past couple of weeks, a fire in Northern California has been steadily growing, working its way toward the Lake Tahoe basin. It is now closer than ever to the Tahoe area, prompting evacuations by local residents. New reports claim the casinos in Lake Tahoe are ordering closures due to this fire, as well.
There is real concern about the damage this fire could cause. It’s clearly having a major impact on the tourism and gaming industry in Lake Tahoe.
Here’s what you need to know about this situation.
Caldor Fire Forces Casinos in Lake Tahoe to Close
California is no stranger to devastating wildfires. It seems as if each summer brings massive fires throughout the state. It’s proving to be extremely complicated for state officials and devastating for a huge number of residents and businesses.
The Caldor Fire began in mid-August in Eldorado County in Northern California. It has been steadily growing, fueled by abundant forests, strong winds, and dry conditions. This fire has now burned more than 177,000 acres and is only 15% contained.
In recent days, this fire has been working its way toward South Lake Tahoe, one of the most popular tourist destinations in California. Its fast spread has forced a huge number of evacuations in this area. Four of the casinos in Lake Tahoe have also just announced they are closing portions of their gaming floor due to the fire.
Many of these employees at these properties have been forced to evacuate recently. Harrah’s and Harveys Lake Tahoe, as well as Hard Rock Lake Tahoe and Montbleu Casino Resort, have also shut down more of their operations. It is currently unclear when exactly these properties will reopen to the public.
Things are certainly dire in the Lake Tahoe area. Hope is that firefighters find success containing this fire over the course of the week. Stay tuned for updates on how this affects the casino industry in Lake Tahoe over the next few days!
Nevada’s Casino Industry Continues to Thrive
Lake Tahoe lies on the border of California and Nevada. The casinos here lie on the Nevada side and are owned and operated by some of Nevada’s biggest gambling operators. These properties are very popular and help to bring these companies major revenue each and every year.
The casinos in Lake Tahoe are suffering right now. Overall, however, the casino industry in Nevada is thriving. The state recently reported a record-breaking gambling revenue figure this past July. Much of that is due to the huge surges of tourism into Las Vegas.
$794 million in gaming revenue was earned in Las Vegas alone. That greatly surpassed the previous revenue record set in May, at $696.1 million. It also represents a 49% increase when compared to July of 2019.
Many analysts expect these impressive revenue figures to continue for the rest of the year. Tourism rates continue to increase in major casino hubs such as Las Vegas. The start of the upcoming NFL season is expected to bring a major increase in sports betting revenue for the state, as well.
Other US casino hubs are seeing solid revenue figures right now, too. Now is a great time to look at how much money some of the casinos in these areas have been bringing in.
More States Report Surges in Casino Revenue Over July
Nevada is far from the only major casino hub to experience a surge of gambling revenue over the month of July. In fact, this is proving to be one of the best months in history for this entire industry. Casino companies around the US have reported massive jumps in their monthly revenue figures.
Over in Massachusetts, casino revenue came out to $95.7 million in revenue. The Encore Boston Harbor managed to bring in the most amount of money at $59 million. MGM Springfield ended up having its best month in years, bringing in $23.7 million. The Plainridge Park Casino came in third place at $12.9 million in GGR.
Pennsylvania is quickly developing one of the largest casino industries in the United States. This past July, the casinos here managed to bring in $423.6 million in total gross gaming revenue. That is nearly $35 million more than what was earned the month prior.
Gaming analysts predict an even better month in August for all US casino companies. Things remain on track for a record-breaking year for this industry. We’ll be sure to offer more updates on casino revenue figures for August as more reports begin to surface.
Are you surprised to hear the casinos in Lake Tahoe are closing? Let us know in the comments section below.