Nevada’s gaming momentum shows no sign of slowing down: the state has topped $1 billion in gaming win for the 12th straight month. The state’s 433 major casinos won a total of $1.1 billion from gamblers last month, according to data released by the Nevada Gaming Control Board on Wednesday.
In addition to extending Nevada’s impressive run topping $1 billion for a year now, last month also marked an all-time record in February win. Gaming win, which is the amount casinos collect from slots, table games and other forms of gambling, was up 44.1% from February 2021. It was also slightly up from January, when the state posted $1.08 billion in gaming win.
While February results remain impressive, especially given it is the shortest month of the year at 28 days, some analysts cast doubt about whether Nevada will be able to sustain this momentum going forward. Gasoline prices and inflation could bring the state’s legendary run to an end.
“Our comparisons are going to become extremely difficult in the upcoming months and we are optimistic that this level of gaming win will continue,” Control Board Research Analyst Michael Lawton said, according to Las Vegas Review-Journal.
“However, as you are aware, there are a great deal of macroeconomic 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,” he added.
The @NevadaGCB has published its Abbreviated Revenue Release for February 2022 (~$1.1 billion): pic.twitter.com/qx2uTbUPIX
— Nevada Gaming Control Board (@NevadaGCB) March 30, 2022
But even if Nevada’s run comes to an end, so far it has also meant good news for the state. Tax and fee collections during the month of March 2022 -which are through March 28-, based upon taxable revenues generated in February, were $58.9 million. This represents a 34.5% increase compared to the prior year’s March.
Despite the ongoing concerns in regards to new Covid variants spreading and economic difficulties, there’s another factor to keep in mind that points to a bright future: passenger traffic. On Tuesday, Harry Reid International Airport reported monthly traffic more than doubled in February from a year ago, with 3.3 million arriving and departing passengers.
Additionally, the airport plans to add international service in April, reports Associated Press. The airport has announced that 16 airlines will begin nonstop service in coming weeks to cities in Mexico, Canada, Panama, the United Kingdom, Netherlands, Germany and Switzerland.
Coming months will, however, have a hard time keeping up with February’s strong lineup of sporting events and concert performances in Las Vegas, which has been partially credited with driving up numbers for the month.
Super Bowl helped drive gaming win in February
“This month’s results were supported by an incredibly active entertainment and sports calendar which included Garth Brooks, George Strait, Justin Bieber, Billy Joel and Metallica on the musical front in addition to hosting both the NHL All-Star Game, the NFL Pro Bowl and the return of a traditional Super Bowl party atmosphere with COVID-19 restrictions including mask requirements being lifted,” Lawton said, according to Review-Journal. “This could possibly be the strongest event calendar I have seen in my 12 years analyzing gaming win in the state.”
Meanwhile, J.P. Morgan gaming analyst Joe Greff said February numbers shined despite Covid issues, including the spread of the omicron variant. And he’s not wrong: last month was the third-best February ever for the Strip, and every Southern Nevada market saw gaming win up by double-digit percentages.
“It’s a good day for Nevada—the streak continues,” said Brendan Bussmann, the managing partner of B Global, a consulting firm focused on gaming, sports and hospitality, according to Forbes. “The way I look at this, with a year under our belts, the bar for a new floor has been set: a billion bucks a month. We’re not bumping up against the ceiling.”
Key to this success was the record Super Bowl LVI handle for the month: Nevada sportsbooks took $179.8 million in bets, up from the prior all-time high of $158.6 million set in 2018. The sports industry also helps drive crowds to casino gaming and other Vegas entertainment offerings, as well as restaurants and hotel occupation. Record wagering on March Madness could help Nevada extend the momentum, but only the next report will tell.
Original article: https://www.yogonet.com/international/news/2022/03/31/62022-nevada-casinos-extend–1b-win-streak-for-12th-straight-month–driven-by-super-bowl-bets
