Las Vegas casinos continue to see weak revenue

Las Vegas casinos continue to see weak revenue

Nevada’s gambling town still hasn’t recovered from COVID-19

The Nevada Gaming Control Board released its report showing the state’s gambling market continues to suffer during the COVID-19 pandemic. Overall, casinos took in just $821 million in September, down 22% compared to September 2019. September is the fourth straight month that Nevada has experienced a 22% year-over-year decline.

Gov. Steve Sisolak decided to allow casinos to reopen in June, but state revenue took a 45% hit from the pandemic. The year-over-year drop has remained between 22-26% since June, hitting Las Vegas the worst as it tallied a 39% in July, August and September. The Strip casino owners aren’t betting on the trend changing anytime soon. Caesars’ Planet Hollywood has closed its hotel Monday-Wednesday, and Wynn Resorts announced both its casino and hotel at Encore Las Vegas will remain closed weekdays.

Las Vegas Sands Corp announced it is in negotiations to sell both of its Vegas casinos, and insiders believe the loss of revenue from the convention industry could be the reason. Northern Nevada casinos are posting better numbers, but they do not rely as heavily on tourism, and Reno improved by3 % while Sparks saw a 7% increase in September.

South Lake Tahoe has done the best of any gambling market located in Nevada, and the casinos around Lake Tahoe generated $24.8 million in revenue, up 36 % from the $18.19 million its casinos won in September 2019. Las Vegas will need more gamblers willing to bet on casino safety measures during the pandemic if they want to turn things around in what remains of 2020.

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