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Nevada on a 6-Month $1 Billion+ Gaming Win Hot Streak
By Jeff Osienya Oct 03, 2021 IndustryNevada racks up over $1 billion in gaming revenue for the sixth straight month as the state continues to rekindle its pre-pandemic strength. With this shining performance, the Silver State is on its second-longest billion-dollar monthly winning streak.Nevada’s gaming industry is well on its way to attaining its pre-pandemic glory, even though some gaming venues are still imposing mask-wearing requirements on the floor. On Thursday, the Nevada Gaming Control announced that the state’s gaming sector generated $1.165 billion worth of revenue in August. The figure represents a 22.3% jump compared to the revenue collected over the pre-pandemic August 2019, and a 56.9% year-over-year surge from August 2020..
Thanks to the stellar performance, August is the sixth consecutive month that Nevada casinos have racked up gaming revenue of over $1 billion. The billion-dollar hot streak commenced in March, and it is the second-longest for the Silver State in 14 years. To date, the longest period that Nevada casinos generated ten-figure revenue back-to-back was an eight-month stint from November 2006 to May 2007.
Should the billion-dollar monthly performance continue through to November, the previous eight-month record will be broken. It’s also worth pointing that in July 2021, Nevada recorded its highest single-month gaming revenue in history after generating $1.36 billion from gaming activity. Likewise, the entire US commercial gaming industry saw its best month in history over the same month, with a $4.43 billion July win.
Owing to the six-month streak, the Silver State is now poised to generate a whopping $12 billion yearly revenue this year, nearly half of the $26.9 billion that the entire US commercial gaming sector saw last year. Last year, the Coronavirus pandemic had pushed the US commercial gaming sector to a 17-year low.
The Las Vegas Strip Continues to Hold its Own Against the Larger Nevada Market
Of note, however, is the fact that the Las Vegas Strip market is yet to bounce back to its pre-pandemic levels fully. Even though the Strip brought in the most money for Nevada, the performance continues to trail the overall percentage increase totals for the entire state. With a $625 million haul in August, the Strip’s revenue was less than 1% of where it was in 2019 in the same month. Further, Vegas Strip casinos fell behind the $793.7 million that the region recorded in July.
On the flip side, compared to the pandemic-stricken 2020, the Las Vegas Strip is on average making more percentage gains compared to the rest of the Silver State. Well, this is happening because the Strip was most affected by the Coronavirus. Looking at a year-over-year comparison, the Las Vegas Strip revenue soared by a massive 197.26% compared to August 2020.
Based on the report released by the Gaming Control Board, a substantial chunk of this year-on-year revenue jump can partly be attributed to the $93.1 million win that came from Baccarat in August. However, to put the surge into perspective, Baccarat’s revenue was driven mainly by the hold percentage that nearly doubled from 8.54% last year in August to 15.24%.
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