Nevada’s casinos won $1.039 billion in April, up from the $936.4 million two years ago in April 2019. Nevada casinos were closed in April 2020 due to the pandemic; casinos collected only $3.64 million, according to figures released Thursday by the Nevada Gaming Control Board.

The April numbers were down slightly from the $1.06 billion collected in March when casinos opened to 50% capacity in time for the NCAA basketball tournament and spring break.

The Las Vegas Strip won $483.4 million in April, below the $501.4 million in March’s gaming win. The Strip in April, however, was up 0.3% over the April 2019 win amount of $481.8 million.

May’s numbers will be strong with most casinos opening to 100% capacity and customers who are vaccinated no longer required to wear masks. The Gaming Control Board lifted all restrictions on casinos starting at 12:01 a.m. on June 1.

“The economic outlook has improved dramatically since December,” said Gaming Control Board Research Analyst Michael Lawton. “The rollout of vaccines, the decrease in infection rates and the subsequent increases to capacity, along with federal stimulus, have allowed for gaming win amounts to quite honestly exceed our expectations throughout the year.”

Lawton spoke positively about the summer and the rest of the year. He said there’s more clarity regarding the return of the “key market segment” that drives gaming win over the long term.

“These include business travelers and the return of special events,” Lawton said. “The one segment that continues to remain a bit fuzzy at this point is international travel. However, when one considers all of these factors, it has become realistic that gaming win could indeed meet or exceed pre-pandemic results as we move into the back half of 2021 and 2022.”

Conventions with tens of thousands of attendees will return to Las Vegas in June and large-scale entertainment will do so as well in late June and July.
Wall Street analysts are expecting a strong summer, backing up what gaming companies have indicated in their second-quarter earnings reports when they talked about Strip properties being booked on weekends through September.

Joseph Greff, a gaming and lodging analyst for J.P. Morgan, said they see “incremental positive data points” for Las Vegas into the summer and throughout the fall with improving airline capacity through McCarran International Airport that is nearing pre-COVID levels. Commercial airline seats to Las Vegas are expected to reach 93%, 97%, and 97% of 2019 levels for June, July, and August, Greff said. Total seats will be above 2019 levels for the fall, he said.

McCarran handled 2.9 million passengers in April, up 7% from 2.57 million in March, but below the 4.2 million handled in April 2019.

“We think these data points are indicative of the strong and relatively quick inflection of demand on the Las Vegas Strip, with particular importance for group and convention business into the fall,” Greff said.

Greff said operators are excited about the lifting of capacity limits that allows additional seats at the table seats and slots and in the restaurants, as well as the opening up of other amenities.

J.P. Morgan hosted Caesars Entertainment executives who said that last weekend, the one before this year’s long holiday weekend, ran above 2019’s Memorial Day weekend. Company executives added that across the country, pent-up demand, higher savings rates, asset appreciation, and return of customers 55 and older are driving results, Greff said.

“The removal of capacity limits and mask mandates last week have seen a sequential improvement in demand – the Bacchanal Buffet at Caesars Palace sold out almost immediately,” Greff said. “Looking ahead, group business for June/July is relatively modest, but is running 25-30% above 2019 levels in August and beyond. The return of this segment should drive incremental occupancy.”

In April, Nevada sports pools won $27.2 million, up 26.3% ($5.7 million) compared to April 2019. Sports pool drop ($458.1 million) was up 39.9% ($130.6 million). Sports pool hold was 5.95% compared to 6.59% two years ago.

Sports wagers made with mobile apps won $17.9 million on $297.2 million in bets, holding 6.02%. This amount accounted for 65% of total wagers in April, Lawton said.

J.P. Morgan said Strip slot revenues of $327 million increased 19% compared to April 2019. Slot handle was up 16% and hold was 8.5%.

Strip table game win decreased 26% in April compared to 2019 to $150 million. Table drop decreased 18% and hold was down to 11.5%. When baccarat is excluded, table game win decreased 10%, while drop fell 3%.

Las Vegas Strip baccarat win decreased 58% compared to April 2019, with drop down 42% and hold of 7.8% versus 10.7% in April 2019.

On the locals front, slot win was up 15% compared to April 2019 and handle was up 18%, according to J.P. Morgan.

“Rising home prices (particularly in Summerlin) and favorable population trends (from higher tax-rate states) should continue to drive sustainable top-line growth,” Greff said of local’s casinos. “Importantly, unlike 15 years ago, today’s migration is comprised of a higher income and younger demographic, so it is not just near-term stimulus driven.”

In April, Nevada sports pools won $27.2 million, up 26.3% ($5.7 million) compared to April 2019. Sports pool drop ($458.1 million) was up 39.9% ($130.6 million). Sports pool hold was 5.95% compared to 6.59% two years ago and both are all-time records for the month of April.

Sports wagers made with mobile apps won $17.9 million on $297.2 million in bets, holding 6.02%. This amount accounted for 65% of total wagers in April.
Las Vegas visitor volume continued to rise in April by coming in at 2.57 million, a gain of 15.4% over March. There’s still room for improvement because the volume was still 27.3% below April 2019 when there were 3.5 million visitors with more than 500,000 of those from conventions, according to the Las Vegas Convention and Visitors Authority.

Drive-in traffic from California contributed to the gains in April. The 50,656 vehicles a day passing the state border was 10.4% higher than March and 8.6% higher than April 2019.