Nevada casinos’ $1B winning streak extends to 24 months
Extending their unprecedented run of winning at least one billion dollars off gamblers to 24th consecutive month, Nevada casinos once again reported gross gaming revenue (GGR) that easily eclipsed the $1 billion mark in February this year.
Before the month of February in 2021, the silver State’s gaming properties had never won $1 billion in more than eight months in a row. That winning streak was recorded back in October 2006 through May 2007. Michael Lawton, a senior economic analyst with the Nevada Gaming Control Board (NGCB), said the mark of $1 billion per month has become the new norm for the state’s world-renowned gaming venues.
Last month’s GGR of $1.23 billion represented a year-over-year jump of more than 11 per cent. It was 22 per cent greater than pre-pandemic figure recorded in February 2019, when the state’s casinos collectively won $1.01 billion off gamblers.
Clark County, which is home to world-famous casino hub Las Vegas, generated ten-digit GGR figure in ten months in a row. Out of the last 24 months, the Sin City generated ten-digit figure for 17 months. Last month, the county won $1.07 billion, which represents an improvement of nearly 14 per cent from the corresponding month of February 2022.
The Las Vegas Strip (LVS), which is considered the most vital segment in the entire state’s gaming industry, reported a GGR figure of around $712.5 million for last month. This figure represents an improvement of almost 19 per cent year-over-year.
Economic analyst Lawton quickly pointed out that many might be waiting to see if the LVS itself could generate GGR of $1 billion or more sometime in the near future. In December, the figure became closure to the magic figure when GGR on S. Las Vegas Blvd was recorded at $814.1 million. He stressed that it would be very interesting to see if the LVS on its own could generate GGR of $1 billion or more.
Commenting on the impressive winning streak, Lawton said, “I think after 24 consecutive months you could safely say it is … I think there is interest if the Strip on its own could hit the billion-dollar amount.”
However, there is still a lot of economic uncertainty, as high rate of inflation, rattled stock markets, and Russia-Ukraine war continue to pose big threats to the world’s economic outlook.