Nevada Casinos Surpassed $1 Billion Again, Las Vegas Room Rates Higher

Nevada casinos continued their winning ways in October, as the state gaming industry eclipsed $1 billion in gross gaming revenue (GGR) for an eighth continuous month.

Statewide gross gaming revenue totaled more than $1.22 billion, representing a 48.5% increase in October 2020. In addition, the October 2021 haul easily surpassed pre-pandemic October 2019 by nearly 20%. That is when the state’s more than 320 gaming destinations collectively won over $1 billion.

“Strong demand across markets, the continued rebound of leisure travel, and the return of special events and entertainment continued to propel gaming win past 2019 levels, which are now 9.2 percent above a calendar year to date 2019,”

explained Michael Lawton, the Nevada Gaming Control Board senior research analyst.

Lawton added,

“This month specifically had a full calendar of events. Additionally, the month of October benefited from having five weekends compared to four in 2019.”

Nevada and Las Vegas are fortifying for the potential impact of the Omicron COVID-19 strain. Health specialists around the globe are scrambling to learn the seriousness of COVID-19’s latest variation.

Roaring 20s

Nevada’s solid October was generally led by its most critical market, Clark County. Las Vega’s home accounted for $1.05 of the revenue, with roughly $702.1 million generated on the Strip. Clark County has surpassed the $1 billion mark in five of the last six months.

Las Vegas Strip casinos saw a year-over-year gaming revenue surge of nearly 87%. Table games were responsible for the strong play, blackjack GGR totaling $91.9 million, 33% more than the $69.1 million twenty-one won in October 2019.

GGR from table games on the Strip totaled $333.9 million, more than $100 million better than October 2019.

After another, one casino official told the country that tremendous pent-up demand in the aftermath of the most restrictive days of the COVID-19 pandemic would lead to an increase in gaming and tourism. Their predictions have been realized in most gaming markets in the United States.

And as a result, Las Vegas casinos can charge high rates for their more than 145,300 resort hotel rooms. Stats supplied by the Las Vegas Convention and Visitors Bureau (LVCVA) show that the average room on the Strip in October went for $185. That is $20 more per night from September and $73 per night from October 2020.

The Strip’s October 2021 average room rate of $185 is also 26% costlier than what the same occupancies went for in October 2019.

The summer met and surpassed many expectations. Domestic travel to Southern Nevada continues to increase towards reaching pre-pandemic levels, and casino resorts reported robust booking throughout the summer.

Big bets, small hold

October was a remarkable time for sports gamblers, who wagered a record $1,1 billion on games. Football, both college, and NFL accounted for the most of it at $728.6 million.

However, the house fared poorly on the record move. Oddsmakers reported a hold or win rate of only 4.1%. That compares to revenue of approximately $48.3 million.

Nevada is the second state in the United States history to generate more than $1 billion in legal sports bets in one month. New Jersey, the richest sports wagering state, was the first to achieve the historic stunt in September and October 2021.

Lawton stated that the first season of the Las Vegas Raiders playing in Southern Nevada with fans in the team’s Allegiant Stadium led to increased betting. The state analyst stated the handle is higher when the Raiders play home than when away.

Last Updated on by Ryan

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