Nevada casinos see fourth straight month of losses
The once-great casino heaven is having a difficult time as competition increases
2019 is not providing Nevada with the boost in casino revenue it expected. Since the beginning of the year, the gambling industry in the state has been suffering from declines in their revenue, although they are still operating in the black. The good news is that the state’s sportsbooks are on track to set a record handle this year.
April gave Nevada casinos $936.5 million from gamblers, a decline of 1.8% year-over-year. The Nevada Gaming Control Board (NGCB) released its figures this month just as the WSOP was getting underway, adding that casinos in Clark County delivered the bulk of the revenue. They took in $808 million, which was still a drop of 2.02% year-over-year.
Casinos along the Las Vegas Strip reported revenue of $481.9 million, a drop of 3.53% over last year. Downtown casinos, however, helped offset the reduction, earning $61.8 million for a 2.13% increase from April 2018. The biggest gains in the state came through Mesquite, which increased its revenue 4% to $12.2 million.
Casinos in the Lake Tahoe region continue to show weaker performance at greater levels than the casinos in Vegas. North Lake Tahoe casinos reported a drop of 16.1% in revenue to $1.3 million, while South Lake Tahoe casinos saw their take fall 12.5% to $13.1 million.
For the first time since November of last year, baccarat action improved in Nevada, increasing by 2.5%. Sportsbooks were the big winners, though, earning $21.66 million in the month for an increase of 32.6% year-on-year. If it keeps that pace, the sports gambling industry could pick up $5.5 billion by the end of this year.