Nevada Casinos Hit $1.23bn All-Time Revenue High in May

  • May’s figure beats the previous single-month record gaming win of $1.165bn in October 2007
  • A main reason for the success is robust slot and baccarat revenue for Vegas Strip properties
  • Casinos have been ramping up recruitment efforts as they get back to full operations
businessman touches clear screen with dollar signs and graph indicating financial growth
Nevada casinos hit a single-month gaming win high in May, beating the previous record from October 2007. [Image:]

Casinos steadily rebounding

Casinos in Nevada generated a record monthly gaming win of $1.23bn in May, indicating a continued recovery of the region’s gambling and tourism industries. The figures released by the Nevada Gaming Control Board (NGCB) on Wednesday beat the previous single-month record gaming win of $1.165bn from October 2007.

gaming revenue bypassing $1bn for three consecutive months

Nevada casinos have been doing well as of late, with gaming revenue bypassing $1bn for three consecutive months. The record gaming revenue in May came ahead of Nevada’s lifting of most of the remaining capacity and crowd restrictions on June 1. The majority of casinos were back to operating at 100% throughout May.

About 2.9 million people visited Las Vegas during the month, an increase of 12% from April. The weekend occupancy rate for hotels was at 88% over the weekends. Both hotel occupancy and visitor rates were still below pre-pandemic levels.

Key reasons for the successful month

NGCB senior analyst Michael Lawton spoke about how the record casino win in May was driven by slot revenues hitting new highs on the Las Vegas Strip at $358.3m. Baccarat revenue was also robust, with Strip casinos earning $105.9m off the game in May. This represents about one-third of the Strip’s $297.2m total table game win.

In all, Las Vegas Strip casinos won $655.5m in May, a 27% increase from May 2019 levels. Sportsbooks across the state generated total handle of $477.4m, a 50% rise from two years ago. Their take-home revenue from this handle was $27.1m.

state government benefited from the strong month of gaming revenue by taking in $107m

Each of the 20 markets that the control board monitors saw increases from 2019 figures. Speaking about these results, Lawton said they can be “attributed to strong demand, healthy consumers and leisure travel beginning to rebound.” The state government benefited from the strong month of gaming revenue by taking in $107m worth of tax revenue.

Nevada returning to normality

For the year to date, the Nevada gaming win is only 1.3% lower than for the same period in 2019. Casinos have been working hard at vaccinating employees and making sure that proper health and safety protocols are in place ahead of their return to full occupancy.

The NGCB has warned that restrictions will come back into place if the COVID-19 situation starts to worsen again.

The gaming sector is ramping up its recruitment drive to meet increasing demand. In May, 10,200 new jobs were added in Nevada. The effort resulted in a 7.8% unemployment rate, down nearly 69% year-on-year.

Some casinos still remain closed since first shutting their doors back in March 2020. Among them are a number of Station Casino properties, including Boyd Gaming’s Main Street Station Casino in downtown Las Vegas.

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