In November, Nevada casinos posted the lowest gaming revenue decline since gaming halls reopened after 78 days in June. The state Gaming Control Board reported that casinos statewide brought in almost $771.2 million in gaming revenues for the month, a 17.75 percent year-on-year drop.
Las Vegas Strip casinos fared worse, with gaming revenue down 32.46 percent in November to almost $349.8 million, from $517.9 million during the same period in 2019. The decline was attributed to reduced capacity, Covid-19 health and safety protocols, the loss of conventions and trade shows and low levels of travel during the typically busy Thanksgiving holiday. For the year through November, Strip gaming revenues totals were down 42.6 percent, according to CDC Gaming Reports.
Airline passenger volume was down almost 57 percent during the month,
and Governor Steve Sisolak ordered a reduction in occupancy on casino floors to just one-fourth due to a surge in Covid-19 cases in Nevada.
Slot revenues on the Strip were down 29.2 percent and wagering declined 33.4 percent. Baccarat revenues were down 45.3 percent and table game revenues excluding baccarat dropped 32.1 percent.
Gaming Control Board Senior Research Analyst Michael Lawton noted that statewide, gaming revenues in Nevada were down 25.8 percent ($1.6 billion) since casinos reopened in June, but Strip casinos were down $1.4 billion (40.8 percent).
Nevada sportsbooks, meanwhile, reaped a single-month record of $61.8 million for November, up 99.3 percent compared to November 2019.
“November had an extra Sunday which was a catalyst for football betting activity, in addition to the fact that not competing with hockey and basketball,” Lawton said.
He added that the two sports would normally be playing during the month and was “a contributing factor to the record football number in November.”
According to ESPN, football helped the sportsbooks win a net $56 million off the $502 million in bets that were placed on NFL and college football.
Not surprisingly, according to the Las Vegas Review-Journal, the city is on track to see the lowest yearly visitation in more than 30 years, and the unemployment rate in Las Vegas is the highest in the nation among major metropolitan areas.
A U.S. Bureau of Labor Statistics report released January 5 showed an estimated 11.5 percent of Las Vegas workers were out of jobs in November. That’s the highest rate among 51 cities with at least 1 million people. New Orleans was second at 9.8 percent. Birmingham, Alabama, ranked lowest among major cities in the nation with unemployment of 3.8 percent.
