Las Vegas Strip traffic drives GGR increase in August for Nevada
August was another good month for casinos and other gaming establishments in Nevada. For the sixth month in a row, the market collectively reported gross gaming revenue (GGR) of over $ 1 billion, helping the Silver State continue to rebuild after the COVID-19 disaster. The Strip provided much of the boost, as entertainment venues came back to life and served as a gateway to Las Vegas casinos.
Nevada on the rebound
According to data from the Nevada Gaming Control Board, in August, casinos on the Strip reported combined revenue of $ 625.6 million. This was a 97% increase from what they reported a year earlier, when casinos around the world were operating under severe restrictions in a bid to thwart efforts to spread COVID-19. However, the figure is also 20.2% higher than in August 2019, a better year to make a comparison. For that month, revenues were $ 520.7 million.
Across Silver State, casinos and gaming properties reported a total of $ 1.16 billion for the month of August, up 57% from a year earlier and 22, 3% more than two years ago. The figure was, however, slightly lower than in July, when the market had taken in $ 1.35 billion. With the August results giving Nevada a six-month revenue record, the state is on track to beat its longest streak of over $ 1 billion in gaming revenue. This happened over an eight-month period, from November 2006 to May 2007.
It’s time for Strip to shine
Strip gaming revenue declined slightly in the first eight months of the year, but August and the rest of the third quarter helped give them a boost. Compared to 2019, the Strip lost 0.7%, while downtown Las Vegas improved 23.2%. For the month of August, Downtown reported revenue of $ 64.1 million, 80.5% more than last year and 41.7% more than two years ago. However, the figure was still lower than in June and July, which registered $ 79 million and $ 71.2 million respectively. June’s result was a downtown record.
According to analysts at Deutsche Bank, The Strip increased third-quarter revenue by 33.6% compared to two years earlier. Slot machine revenue increased 38.5%, baccarat revenue by 45.5%, and revenue from other tables by 19.4%. These increases came even as the number of visitors to Las Vegas declined. The Las Vegas Convention and Visitors Authority announced yesterday that 2.99 million people came to Vegas in August, 9.2% less than in July and 16% less than in August 2019. Despite the decline, those who made the trip were apparently willing to spend more money. .
In August, Clark County took in $ 993.4 million in revenue, a 67% jump from a year ago. Reno also improved, adding 19.1% to its $ 65.5 million. That figure, however, was only 1.5% higher than two years earlier. Elsewhere, the Caldor fire impacted activity in and around Lake Tahoe, with North Lake Tahoe slot activity losing 7.9% from 2019 and slot action. South Lake Tahoe falling 16.8%. The volume of table games has also declined, losing around 23% compared to August 2019.