August achievement for Nevada casinos
In the western American state of Nevada and aggregated gross gaming revenues for August reportedly surged by a little over 3.5% year-on-year to surpass the $1 billion threshold for an 18th consecutive month.
According to a Thursday report from the Las Vegas Review-Journal newspaper citing official data from the Nevada Gaming Control Board, gambling-friendly facilities in Clark County accounted for almost 85% of the 31-day month’s finishing $1.2 billion tally while those located along the world-famous Las Vegas Strip amassed a figure that was slightly over $659.7 million. This positive performance purportedly followed a July in which aggregated gross gaming revenues from the jurisdiction’s 435 licensed casinos fell by around 3.1% year-on-year to stand at approximately $1.3 billion.
Continuing comeback:
Michael Lawton serves as the Senior Economic Analyst for the Nevada Gaming Control Board and he reportedly detailed that the August figure was 26.7% higher than the finishing tally for the same month in pre-pandemic 2019 despite holding one less weekend date. The experienced figure also purportedly credited this strong performance to an extensive calendar of Las Vegas events that encompassed a pair of Las Vegas Raiders home preseason games, Katy Perry’s residency at the Resorts World Las Vegas property and concert performances by the likes of the Red Hot Chili Peppers, Weeknd and The Killers.
Lawton reportedly told the newspaper…
“Nevada continued to record gaming win amounts in excess of pre-pandemic levels in August with $1.2 billion in win. August came in about where I had anticipated, down 8.2% sequentially compared to July, as historically the month has averaged close to a 9% decrease compared to July, which I figured if that held true, we would see an increase year-on-year over August of 2021.”
Pronounced prosperity:
The Las Vegas Review-Journal reported that last month’s aggregated gross gaming revenues tally was additionally helped by the August 30 opening of the new Legends Bay Casino facility in the northern Nevada community of Sparks. The newspaper went on to cite Joseph Greff from American investments bank JPMorgan Chase and Company as noting that the positive performance came despite inflationary pressures as most casino floor games flourished.
A statement from Greff reportedly read…
“Broadly speaking, demand was resilient in light of macro concerns and higher gasoline prices impacting the consumer. For the Las Vegas Strip, relative to August of 2019, table games drop was 9% higher and slot handle was 40% higher.”
Sole standout:
However, Greff reportedly noted that the amount of cash that was last month wagered on games of baccarat in Nevada slumped by 6% when compared with the same month in 2019 while the resultant hold tally was similarly down. Nevertheless, the analyst purportedly asserted that receipts from the state’s collection of slots rose by 2.5% year-on-year to $847.1 million off of a 5.5% boost in stakes.
Comprehensive canter:
The Las Vegas Review-Journal reported that Nevada’s aggregated table games win for August had increased by 6% year-on-year to $361.4 million thanks to a 1.6% rise in drop while baccarat posted a 3.9% improvement to $96.7 millionsportsbooks won $16.1 million last month, which equated to an annual surge of some 12%, as their hold improved by 0.58% to 3.93% despite a 4.4% deterioration in their combined handle to $408.7 million.
