Nevada — Revenue Overview for November Looks Pretty Dire

Nevada hasn’t exactly been flourishing lately as a result of the Covid-19 restrictions imposed by Gov. Steve Sisolak.

Even though the situation looks pretty unfavorable, the casinos did report a slight increase from September to October. Still, the newest health & safety restrictions could put an end to this small increase and make November look pretty bad.

The figures that the Nevada Gaming Control Board (NGBC) released recently, show that the casinos reported collective gaming revenue of slightly below $822.7 million. Compared to the same month last year, there’s a 19.5% decrease, but we have to take into account that everything operated under normal circumstances in October 2019.

However, when October revenue is compared to the revenue casinos earned in September 2020, there’s a slight increase of about $1.6 million noticeable.

Casinos located on the Las Vegas Strip reported a 30.2% year-on-year decline in October, earning just $375.8 million, whereas Vegas Downtown venues’ revenue decreased by 22.7% y-o-y, earning $52.8 million.

However, outside of Las Vegas, things are looking a bit better, as the casinos in Lake Tahoe and Reno actually reported a pretty decent growth.

Casino Games Revenue

Slots in Nevada reported a decline of 19%, earning a total of $565.8 million, and other table & card games reported a 20.4% decrease, with a revenue of $256.8 million.

The only game that actually reported an increase in year-on-year is baccarat, which grew by 4.6%, earning a total of $59.3 million. Mini-baccarat also did pretty well, with a 5.2% increase to $7.2 million.

However, all other table games, except bingo, reported a huge decline. The game that had the biggest revenue decline was blackjack, which earned $60.2 million (-24.8%). Craps reported a decline of 13% with $27.6 million, and roulette joined the party with $18.5 million and a decline of 34.4%.

Sportsbooks also reported a decline. Betting revenue was down 11.5%, earning a total of $42.4 million, even though wagering handle increased more than 20% year-on-year to a total of $659.2 million. However, Nevada is behind New Jersey when it comes to sports betting, as the Garden State reported a handle of $803.1 million and revenue of $58.5 million.

Football betting revenue increased by almost 25% as sportsbooks earned $32.6 million, whereas baseball reported a decrease of 55%, earning just $5.2 million. Basketball even caused a net loss for the sportsbooks of about $189,000.

Hockey also reported a net loss of $1.1 million, and parlay wagers decreased by 14.4% to $3.9 million. Betting on other sports was also down 7.3%, with total earnings of $2 million.

Numbers aren’t that great, and Gov. Sisolak is tightening the restrictions. He decided to reduce the capacity of casinos to 25% until the middle of December as a response to a huge increase of Covid-19 cases.

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