Nevada’s casinos are still having trouble recovering from COVID-19
By Bob Garcia
Visitation to Nevada casinos is up, but spending is down
It seems that casinos in Nevada are still unable to get back on their feet after being hit hard by the COVID-19 pandemic. As time has passed, more gamblers are flocking to the gaming halls, but this has not resulted in increased revenue reporting, with the Las Vegas Strip still lagging behind by the end of February, according to state regulators yesterday.
The Nevada Gaming Control Board (NGCB) announced yesterday that the month of February virtually mirrored January’s earnings and revenues. Compared to February of last year, it has been reported that casino participation dropped by almost 26%, a considerable figure that results in long-term losses in the millions of dollars.
NGCB analyst Michael Lawton has indicated that this data is a bit alarming, and said that the casino win on the Las Vegas Strip is down 41.6% year-over-year. Also, as curious as it sounds, Lawton said that February was a difficult month to compare this time around, as this same month last year had an extra day after being a leap year, which makes for no fair and valid comparison.
Lawton said, “I would expect March 2021 to be up significantly over last March. Gaming activity is improving due to improved metrics related to COVID-19, capacity limitations being increased, and stimulus checks which are acting as a catalyst to elevated spending by consumers.” From taxes, the state received a total of $43.8 million in revenue in February, which was down slightly from January, but represents a year-over-year loss of about 36.5%.