LV Gaming Revenue for November Has Just Been Revealed!

Las Vegas Strip View

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!

Nevada’s November Gaming Revenue Dropped This Year

For most of 2019, gambling revenue in Las Vegas has increased. It’s an exciting statistic, considering casino competition has been increasing around the US. Unfortunately, Nevada’s November gaming revenue dropped. Revenue Drop Picture

It’s not entirely surprising. November is considered one of the least-busy months for Las Vegas. It’s likely that gambling revenue will increase once again in December. Today, we’re going to look at exactly how much gaming revenue fell last month.

Let’s get into it!

2019 Proves to Be a Fantastic Year For Las Vegas Casinos

Las Vegas is still the country’s biggest and best gambling destination. In recent years, however, a huge number of states have begun to expand their casino industries. Many felt that this rise in competition would take a toll on Nevada. This did not turn out to be the case.

As we’ve already mentioned, gambling revenue has increased here for almost the entire year. This is especially true on the Las Vegas Strip. Here, nearly all of the casinos have experienced massive revenue gains.

This Summer was a particularly impressive season for gambling venues in Las Vegas. During June, July, and August, gaming revenue surged in the city. Hotel occupancy was also close to reaching record-breaking levels.

Even during Fall, casino revenue surged here. In October, gambling revenue here surpassed $1 billion. Revenue from the Las Vegas Strip during this month reached $538.5 million.

The next month, gambling revenue finally dropped. Reports on Nevada’s November gaming revenue have just been released. Here’s how the state’s gambling venues performed.

Nevada’s November Gaming Revenue Falls in November

November isn’t typically thought of as a popular gambling month for Las Vegas. Many individuals are gearing up for the holidays and aren’t interested in wagering their money inside casinos. This week, the NV Gaming Control Board released reports on Nevada’s November gaming revenue. Unfortunately, things didn’t turn out great.

According to these reports, gambling revenue was down 3.1% when compared to November of 2018. Overall, the state brought in $937.5 million in gambling revenue. In Clark County, where Las Vegas is located, revenue dropped by 3.4% to $805.2 million.

North Las Vegas casinos performed the worst. Casinos in this area generated just $19.3 million. This represents an astounding 15.3% drop from the same time last year.

Historically speaking, Baccarat is one of the best games for casinos to generate revenue. Interestingly, Baccarat revenue dropped significantly in November. Michael Lawton, a senior research analyst for the state Gaming Control Board, commented on this to the media this week.

“The continued trend of decreased baccarat volumes was the cause for this month’s decline as volumes of $557 million were down $247.4 million or 30.8 percent,” he said. “Baccarat volumes have only increased twice this calendar year and are currently down 14.9 percent through November.”

Sports betting proved to bring in a significant amount of revenue last month. Sports pools won $31 million, up 14.3 percent or $3.9 million compared to 2018. Overall, Nevada’s November gaming revenue drop doesn’t mean much. It’s likely that things have already bounced back in December.

Construction Continues on Resorts World Las Vegas

For years, officials in Las Vegas have discussed the impact that Resorts World will have on the city. It’s the most expensive casino-resort ever built in the city. Most feel it will be one of the best gambling venues ever built.

Initially, the hope was that this venue would open in 2020. Not long ago, former MGM Resorts executive Scott Sibella became president of Resorts World Las Vegas. He pushed the opening of the venue back until 2021.

Sibella claims that he wants to ensure everything is perfect by the time it opens to the public. He also added several entertainment features to the resort including a 5,000-seat theater.

Resorts World Las Vegas is opening in the northern area of the Las Vegas Strip. This is an area of the city that’s struggled to attract tourists. Hopefully, this new casino-resort will bring new life to the area.

Nevada’s November gaming revenue dropped. For most of 2019, however, the state has generated a huge amount of money from its gambling venues. Make sure to stay tuned for an update on December’s revenue earnings!