Nevada aggregated gross gaming revenues post an expected dive for February

In the western American state of Nevada, aggregated gross gaming revenues for February reportedly decreased by 26% year-on-year to $772.4 million as venues located along the Las Vegas Strip experienced a 41.5% slump to $348.4 million.

According to a Thursday report from CDC Gaming Reports citing official figures from the Nevada Gaming Control Board, casinos in Laughlin posted a similar diminution in gaming revenues of 30.8% year-on-year while venues in North Las Vegas chalked up a 12.2% drop. The source detailed that this pattern continued in downtown Las Vegas via a 7.1% dip with properties in Reno having experienced a 13.7% plunge to $49.8 million.

Arduous assessment:

However, the source reported that all of these comparable nosedives should not come as a surprise given that February of 2020 had represented the last month before Nevada entered a coronavirus-impacted period that saw all of its casinos shuttered for a 78-day period from mid-March. Subsequent re-openings then purportedly included a 25% capacity restriction for gambling-friendly properties in ‘The Silver State’ alongside complete prohibitions on all large events such as concerts, conferences, conventions, and trade shows.

Loosening limits:

Casinos in Nevada reportedly experienced a small bump in business after their maximum capacity limits were lifted to 35% towards the middle of February with this ceiling being further raised to 50% from March 14 ahead of the start of this year’s edition of the annual ‘March Madness’ college basketball tournament. Nevertheless, the 28-day month still purportedly saw properties record a statewide flag of 56.3% year-on-year in gaming revenues from baccarat with associated handle worsening to the tune of 57.9%.

Tourist trouble:

Michael Lawton from the Nevada Gaming Control Board reportedly told CDC Gaming Reports that Nevada’s casinos were moreover hit by the fact that February of 2021 had contained one less weekend than the same month last year. He purportedly proclaimed that gaming revenues for businesses along the Las Vegas Strip had furthermore been ‘materially impacted’ by a lack of international travel over the traditionally busy Chinese New Year holiday period with this market having accounted for 91.6% of the state’s total decrease.

Optimistic outlook:

Nonetheless, Lawton reportedly asserted that he expects to see a year-on-year rise in aggregated gross gaming revenues for March as ‘gaming activity has improved’ owing to a loosening of capacity restrictions, ‘improved metrics’ relating to coronavirus and stimulus checks ‘acting as a catalyst to elevated spending by consumers’.

Excellent exceptions:

Lawton reportedly finished by pointing to the few spots that had experienced comparable swells in February gross gaming revenues including South Lake Tahoe where combined receipts rose by 15.8% year-on-year. He purportedly disclosed that the figure from unincorporated areas of Washoe County had grown by an impressive 22.4% while gambling-friendly venues in Carson Valley had recorded a 6% boost.