Nevada casinos post first billion-dollar month since February 2020
Gaming revenue in Nevada for March surpassed $1bn, marking the first time since the novel coronavirus (Covid-19) shutdown that it hit this figure.
Total revenue for March came to $1.07bn, a 38.1% month-over-month increase. The total was also 72.6% above March 2020’s $618.1m revenue figure, when the Las Vegas Strip casinos closed for the first time since the Kennedy assassination, from March 17.
Since reopening from June 4 the properties have been subject to capacity requirements, which were originally set at 50% for gaming floors, before this was halved to 25% from November 2020. The 50% capacity limit was then reintroduced from March 15 this year.
Slot machines accounted for the vast majority of Nevada’s gaming revenue in March, with their total growing 45.5% month-over-month to $772.1m.
Table, counter and card game revenue, meanwhile, was up 22.1% to $294.9m. Among the products offered in this category, blackjack was the main driver of revenue, bringing in $71.4m, followed by baccarat on $68.2m.
Sports betting revenue came to $39.3m for March, a 23.5% increase from February. Based on a 6.14% win percentage, this suggested amounts wagered over the month came to $640.8m, again a significant month-over-month improvement, from February’s $553.8m in wagers.
This handle also represented a significant improvement from March 2020 – when sporting events around the world were suspended as a result of Covid-19. For that month Nevada bettors staked just $141.2m.
Mobile betting accounted for $385.1m of Nevada’s handle in March 2021, based on revenue of $21.5m and a win percentage of 5.58%.
Looking more closely at action broken down by sport, basketball – in a month that saw the National Collegiate Athletic Association men’s basketball tournament tip off – was by far the most popular. It accounted for $41.8m of revenue, and $501.5m of handle.
As usual, Clark County, the jurisdiction that includes Las Vegas, accounted for the majority of the state’s gaming revenue. Its total for March came to $893.2m, a 41.4% improvement on February’s figures.
For Las Vegas itself, the downtown casinos brought in $71.0m, compared to $501.5m for the Las Vegas Strip.
The state results come ahead of further relaxing of capacity restrictions, that come into effect on May 1. From that date, casinos will be able to raise their capacity to 80%, and provided there is no surge in cases, will be permitted to go to full capacity from June 1.
Source: iGB North America