Casinos in the Silver State are on a roll after bouncing back in style from a pandemic-induced dry spell. June was the fourth month in a row that the state’s casinos have generated more than ten figures in revenue.
Nevada’s tourism and gambling industry is back to its former glory as the state continues with its strong post-pandemic recovery. According to the numbers released by the Nevada Gaming Control Board on Thursday, the Silver State generated a total of $1.19 billion in gambling revenue for June. This is a remarkable 110.5% surge, compared to the $567m that Nevada saw in June 2020, and 14.6% higher than the $1.04 billion revenue generated for June 2019.
Following Thursday’s revenue update, Michael Lawton, the Senior Research Analyst for the Nevada Gaming Control Board, commented:
Quote“The recent surge in statewide gaming win is the result of several contributing factors which include strong demand, the return of leisure travel, customers with savings that can be attributed to stimulus and the return of core customers including customers 55 and over,”
What makes July’s performance even more impressive is the fact that this is the fourth consecutive month, casinos in Nevada have generated over $1 billion in revenue. The winning streak started in March when the state brought in $1.067 billion in revenue to officially mark the first billion-dollar win in over a year due to the pandemic.
March’s win also smashed previous records to become the highest ever monthly revenue for the Silver State in more than 8 years. And from how events have unfolded, it was just the beginning of a hot hand for Nevada’s revenue.
A Historic Quarter for the Silver State
April and May followed March’s lead with the ten-figure wins after racking up $1 billion and $1.23 billion, respectively. Better yet, May’s haul blew past the highest ever record of $1.165 billion set in October 2007 to become the most successful month in the long history of Nevada’s gaming sector revenue-wise.
Further, the four months from March 2021 to June 2021 will also go on the books as one of the longest periods that the state has racked up successive 10-figure monthly wins. The last time that Nevada’s gaming win saw a billion-dollar superfecta was in the four months starting from January 2008 to April 2008. This was right before the Great Recession kicked in.
Still, on historic figures, thanks to Nevada’s lucky streak, Q2 2021 (April, May, and June) is now the best ever calendar quarter for casino gaming revenue in the state, after a $3.46 billion showing. The previous record was held by Q4 2006 when the Silver State amassed $3.266 billion from casino gaming revenue.
Overall, the total revenue for the Silver State’s fiscal year 2021 ending June 30 was $10.66 billion, which is a 14.3% jump compared to the fiscal year 2020. Predictably, Clark County collected the lion’s share of the revenue, generating $8.8 billion, which is 82.55% of the entire win.
Stellar Performance from Slot Machines
Taking back the spotlight to June’s numbers, slot machines across the state generated the most money at $868.1 million, effectively besting a record that had been set in May after an $840.6 million win. Before May’s tremendous performance, October 2007 held the title for the best slot machine revenue in a month with $779.6 million.
June’s slot machine haul was 120.2% higher than the $394 million recorded for the same month last year and 36.4% more than June 2019’s revenue that came in at $636.5 million.
Meanwhile, sports bettors in Nevada also led to some record-shattering numbers for any June on the state’s history of sports betting. From a record retail handle of $230.8 million, sports pools ended up winning $29.2 million, an all-time high for any month of June in the state, after a 5.35% hold. It’s worth noting that the hold for June 2021 largely contributed to the 76% year-on-year boost on the revenue, as there was a 0.62% loss for June 2020, leading to a $16.6 million win.
On the other hand, mobile sports wagers saw a $314.6 handle, making up 57.7% of the combined retail and mobile handle, which was 544.8 million. Following a 4.7% hold, mobile sports betting apps in the Silver State collected a total of $14.7 million in revenue.
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