Gold is hovering at $2,000 an ounce a 9.4% increase on its value a year ago, apart from certain cryptocurrencies what could match it? Silver could, not the precious metal, the Silver State itself, Nevada USA.
There’s a gold rush in the desert with the world’s gambling mecca announcing revenues in excess of $1 billion in March and again in April. The gaming revenue figures for March 2021 show a 72.6%, $449 million increase over March 2020 when Gov. Steve Sisolak ordered casinos to close halfway through the month.
In normal times this would be landmark stuff – a billion in gross gaming revenue has only been declared by the state three times in history – but in the aftermath of a pandemic induced recession it is quite remarkable. The April 2021 figures bests the April 2019 make by over 11 per cent and shows the casino market is gradually returning to full health.
Restrictions Dropped in June
In early May some Las Vegas sportsbooks & casinos had been permitted to return to full capacity, with social distancing measures on the gaming floor also eased and vaccinated customers no longer required to wear masks.
Fears the relaxation of gambling laws across the states would lead to gamblers staying at home have clearly been unfounded and there’s yet more good news for those with a stake in the Reno / Vegas gambling machine. The Nevada Gaming Control Board has recently announced all remaining social distancing and capacity limits brought around by coronavirus (Covid-19) will be dropped from June 1.
Among those to dispense with Covid induced restrictions are:
- Bally’s Las Vegas
- Caesars Palace Las Vegas
- The Cromwell
- Flamingo Las Vegas
- Harrah’s Las Vegas
- The LINQ Hotel + Experience
- Paris Las Vegas
- Planet Hollywood Resort & Casino
- Rio All-Suite Hotel & Casino
- All Caesars properties
Interestingly these ‘strip hotels’ were not the flag bearers for April’s Vegas boom. Traditionally reliant on tourism, they generated $483.4 million in profits during the month – a relatively small 0.3% increase on the same period in 2019. It has been Vegas’ downtown casinos which boosted the figures dramatically with a monthly win record of $76.2 million – that’ a 23% gain over April 2019.
It’s generally accepted the downtown Vegas casinos earn much of its revenues from local gamblers so, as the Covid-19 vaccination rate continues to ramp-up and more Americans continue to display their comfort with both traveling domestically and spending their dollars the smart money would bet on a record breaking summer ahead for Nevada.
Nevada Gaming Stats & Facts
- Slots accounted for the majority of Nevada’s gaming revenue in March, up 45.5% month-over-month to $772.1m.
- Sports betting revenues for March came to $39.3m, up 23.5% from February
- Table, counter and card game revenue, was up 22.1% to $294.9m
- Blackjack was the main source of revenue from table games, bringing in $71.4m, followed by baccarat on $68.2m.