The all-time high record of gambling is now broken in Las Vegas’s Sin City. The gambling that took place in Resorts Las Vegas that help the city to break the record. July proved to be exceptionally good for Las Vegas as the city generated a revenue of more than $794 million through gaming and casino. There was an increase of 46% increase in revenue after the pandemic phase. This data was released by Nevada Gaming Control Board.
The gaming revenue for the statewide category was $1.36 billion in July. This was the fifth following $1 billion increase since July 2019! Macquarie Research raised hopes and is optimistic regarding the gambling revenue matters in Las Vegas. They also raised hopes that they might reach the pre-pandemic levels shortly. Michael Lawton, a senior research analyst for Nevada Gaming Control Board called this event a “perfect storm.”
According to the reports by Las Vegas Convention and Visitors Authority, the number of people visiting Las Vegas has increased by 130% since July 2020. Nevertheless, the visitor’s volume is down by 10.4% since July 2019. Resorts World alone generated between $ 30 million and $ 40 million in sports revenue, Macquarie estimates, while regional Nevada casinos continue to “shine,” writes the research company. State-owned casinos surpass other US regional markets, with July revenue increased by 17% from July 2019. Downtown Las Vegas increased by 35% from the same period in 2019.
But even though July proved to be exceptionally well for Las Vegas, August hasn’t shown as many good results. Factors such as the deadly Delta variant and the reopening of educational institutions may contribute to the lower incomes of the city. About half a year of recording revenue does not mean recovery is slow. Colin Mansfield, an analyst at Fitch Ratings, said July’s revenue figures were staggering, but the payment system had changed. Mansfield says Fitch is still predicting Las Vegas will fully recover by 2023.
The future remains uncertain for Las Vegas as the Delta variant is still speculating across the world. The vaccination rates are also stagnant. July has proven to be exceptionally well for all the cities in Nevada. As it lasted short, the industry couldn’t enjoy its success much.
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