Nevada gaming revenue surpasses $1bn for 12th month

According to the Nevada Gaming Control Board, casino revenue for February reached $1.1bn, up 44 per cent comparedyear-on-year.

US.- Nevada casinos generated revenue of more than $1bn for the 12th consecutive month in February. Casinos generated $1.1bn, according to the Nevada Gaming Control Board. It marks a new record for the state and topped the winnings for January, despite February having only 28 days.

February 2022’s revenue represents a 44 per cent year-over-year increase from February 2021, when casinos won $772.4m. It was also up 7 per cent against February 2020 and 10 per cent on February 2019, prior to the Covid-19 pandemic.

The rise is attributed to bets placed on sporting events such as the Super Bowl and a high number of concert performances in Las Vegas in February. The city hosted the NFL Pro Bowl and NHL All-Star Game on the same weekend, and the state saw nearly $180m wagered on pro football’s championship game.

Clark County led the way with nearly $950m in gaming win. Casinos on the Las Vegas Strip recorded $599.1m, while in downtown Las Vegas the gaming win was $69.2m. According to the Gaming Control Board, the state has collected $58.9m in percentage fees based on taxable revenue generated in February.

For Michael Lawton, senior research analyst at the Nevada Gaming Control Board, the streak will inevitably slump because of factors such as rising petrol costs and inflation caused by the aftereffects of Covid-19 and the war in Ukraine.

He said: “Our comparisons are going to become extremely difficult in the upcoming months and we are optimistic that this level of gaming win will continue.

“However, as you are aware there is a great deal of macro-economic and geopolitical events that are happening in real-time, which are concerning and it is unknown how it could impact the trends we have been witnessing for the past year.”

However, MGM Resorts’ director of trading, Jeff Stonebeck, is confident of high sports betting numbers for the NCAA College Basketball Tournament (March Madness).

Stonebeck said: “We get the same people who come out every single year for it. It’s an annual ritual for a group that will get four, five, or six guys who come out every year. A lot of people don’t pay attention to college basketball until the tournament.”

Focusgn