Closed casinos, visitation declines hurt two Clark County gaming markets
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Closed North Las Vegas casinos and a decline in Laughlin visitation hurt the two Clark County gaming markets. North Vegas gaming revenue of $285.7 million was 5.5 percent below 2019 levels. Laugher's gaming total of 5 percent off from two years ago. Every market in Nevada surpassed 2020’s revenue totals. Las Las Vegas locals set a single-year record of $2.9 billion in gaming revenues during 2021. Las vegans saw 10 million fewer visitors than two year ago on the Strip.
Red Rock's two North Las Vegas casinos will not reopen any time soon. Fiesta Rancho and Texas Station will be closed until they can deliver incremental value to the overall portfolio. The company spent $2 million in the last quarter on costs associated with the company's three closed properties. Most of the revenues associated to closed casinos have been picked up by the existing properties in Las Las Vegas Valley. North Vegas mayor John Lee has no problem with gaming following the growth of manufacturing businesses. He has concerns about the lost businesses and jobs. In the past two years, the top 10 companies in North LV have created some 1,800 jobs, which has been good for the city.
Colorado Belle is still closed. Laughlin had more than 1.8 million visitors and 9,875 hotel rooms in 2019. In 2021, the figures were down to 1,2 million total visitors, 8,635 rooms. The Laugthers had a record $625.4 million in gaming revenue in 2007. Caesars Entertainment also operates two resorts in Laughton. The market reported $512.2million in revenue for Caeres in the year 2019, but the company does not break it out.
