Nevada casino winnings report charts sluggish August

  • A key index of casino business has shown that resort gambling remained sluggish in August.
  • Casino house winnings of $743 million statewide fell 22% in August when compared to the same period last year, the Nevada Gaming Control Board revealed on Wednesday.
  • Resorts on or near Las Vegas Boulevard accounted for the fall in the year-over-year comparison.  
  • However, mobile app sports wagers gained at least $305 million because professional sports leagues played during the month.

A key index of casino activity has shown that casino-resort gambling remained slow in August. The index compared August and July, showing little improvement over those months.

The Nevada Gaming Control Board disclosed on Wednesday that casino house winnings of $743 million statewide fell 22 percent in August when compared with the same month last year. In August 2019, casinos reported winning approximately $954 million.

About a month ago, the regulator said July saw casinos report winnings of $756 million, which were 26 percent down from a year ago. Las Vegas Strip properties reported winnings down 39 percent in both July and August.

Board analyst Michael Lawton pointed out that resorts on and within the vicinity of Las Vegas Boulevard accounted for 97 percent of the decrease in the year-over-year comparison. Under normal circumstances, these resorts usually provide approximately half of the gaming win statewide.

Analysts have indicated that Las Vegas casinos are still facing challenges because of limited air travel, the lack of convention and meeting business, and the absence of entertainment and arena events.

The monthly report contained a reference to a one-off accounting transfer of $125.8 million in unused tax credits from the previous financial year. The unusually large amount of unused tax credits resulted from the halting of gambling from March 17 to June 4 this year.

Lawton said that the figure didn’t represent freshly generated revenue for the current financial year. However, it is being applied to the tax returns of casino owners in fiscal 2021.

On Tuesday, Nevada Gov. Steve Sisolak announced the lifting of a 50-person limit on private and public gatherings, starting Thursday, in an effort toward bringing back conventions, trade shows, concerts, and sports events. The economy of the state relies heavily on these activities and businesses.

Venues that have at least 2,500-seater capacities can submit plans to run at 10 percent capacity. Also, new guidelines will allow smaller venues to host up to 250 people.

Casino taxes come just behind sales taxes as a percentage of the annual budget of the Silver State. Nevada has no personal income tax.

Lawton pointed out that The Mirage resort reopened on the Strip on August 27. The Oyo Hotel and Casino, Park MGM, and the Tropicana are three other properties that had closed doors since mid-March due to the pandemic. They reopened in September. Planet Hollywood is scheduled to open on October 8, while The Cromwell projects are set to open the same month.

The National Hockey League, National Basketball league, and other professional sports leagues played in August when they would usually be off, making mobile app sports wagers to tally at least $305 million and offer a bright sport in that month’s report.

I'm Adam Shaw, Senior Editor and one of the first members at VegasSlots. I'm a massive football sports fan but also love casinos and occasional trips to Las Vegas. Gaming runs in the family

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