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.
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!