Nevada Casinos Post Strongest Results since March
Casinos in Nevada may finally feel a bit of relief after the September numbers from the Nevada Gaming Control Board have revealed a positive trend. The Silver State had its strongest month to date in September since the COVID disruption began back in mid-March, forcing the hand of all gaming giants.
The novel coronavirus bit into results, and led to furloughs and layoffs, but the industry may now be in the clear thanks to $821.1 million revenue generated during the month, out of $10.32 billion total stakes.
The staked amount constituted a 3.3% improvement over August whereas the total revenue was 10.5% better than the revenue collected in August. Even though the results looked strong, they were still 22.4% lower year-over-year, indicating that Nevada still has a long road to go before it catches up to its pre-pandemic levels.
What Drives Nevada’s Casino Revenue in September?
Having a look at the exact drivers of revenue, slots once again came on top, dominating the stats with $607.5m in revenue in the revenue, and down 12.0% year-over-year. Still, the slot revenue was 15.6% higher from August.
The total amount staked on slots reached $8.37 billion. Next came table games where casinos reported a decent turnout, with some $213.6 million in revenue generated over the month of September.
The amount was based on a total of $1.95 billion of total stakes, down the whopping 41.2% from September 2019. Yet, the true pitfall for table games proved Baccarat where player staked $487.0 million but casinos only took in $14.2 million, or down 86.6% year-over-year.
Blackjack, though, managed to get a slightly better overall result, with $64.6 million clocked out of $417.3 million placed in bets.
Craps did post some decent results, with $32.8 million in revenue on $161.9 million while roulette proved less popular with some $105.6 million in total stakes, and just $22.5 million in revenue.
While Nevada was happy with the progress achieved in September, its results were still way below New Jersey’s. New Jersey has seen a big boom in sports betting, too, as the state hasn’t been cut from tourists and visitors, and generally enjoys a better-connected gambling hub.
Nevada on the other hand relies heavily on visitations from out of state, or in the very least, drive-ins. Since Reno and Las Vegas are the only two places where players and bettors may enjoy gambling, this adds another strain to an already complicated situation.