Nevada completes 12 months of $1bn plus revenues but more expected as international travel returns

Smashing the previous personal best for February of $1.07bn set in 2013 Nevada’s February total was helped out by the third best ever total on The Las Vegas Strip. In fact the $1.1bn generated by that 433 casinos statewide was only below the record $1.36bn set last July. The figures released by the Nevada Gaming Control Board, show a 10 per cent increase from pre-pandemic levels in February 2019.

Michael Lawton, a senior research analyst for the Nevada Gaming Control Board, said: “I’m not super surprised by this month’s results. Once I saw the event calendar, I would’ve been shocked if we didn’t hit $1bn. This month’s results were supported by an incredibly active entertainment and sports calendar.”

He highlighted an NHL All-Star Game, the NFL Pro Bowl and a return of ‘a traditional Super Bowl party atmosphere’ with COVID-19 restrictions including mask requirements lifted on March 10. Concerts by Garth Brooks, Justin Bieber, Billy Joel and Metallica also helped bring in crowds.

February is usually a big draw for baccarat due to Chinese New Year but despite players from Asia still not being able to visit Las Vegas, Mr. Lawton highlighted the ‘underlying strength we are seeing from locals, domestic customers and leisure travelers.’

House baccarat winnings of $51m fell 56% per cent compared to February of 2020. Baccarat win percentage of total gaming revenues on The Strip came in at 10.37 per cent in February, down from 29.2 per cent in February 2018. Slots accounted for almost 70 per cent of the state’s total GGR in February.

The number of sports bets placed in February set a record (for February) , but four consecutive months of sports books generating more than $1bn in bets ended with $781m placed.

Mr. Lawton added: “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.”

Brendan Bussmann, Managing partner of B Global, a consulting firm focused on gaming, sports and hospitality, said: “It’s a good day for Nevada, the streak continues. With a year under our belts, the bar for a new floor has been set: a billion bucks a month. We’re not bumping up against the ceiling. We’re past pent-up demand, we’re past the stimulus checks. This is all about people wanting to get away and enjoy an acceptable form of entertainment.”

The Las Vegas Convention and Visitors Authority, visitor volume increased 70 per cent in February compared with last year, but was still lagging 2019 by 18 per cent. Hotel occupancy was also down 18 per cent from 2019 with convention attendance down by 41 per cent from 2019.

H. Fletch Brunelle, convention authority marketing vice president, said: “International travelers are a key component to the full recovery of Las Vegas’ overall visitation. We’re thrilled to welcome additional routes from Europe.”

By Phil