Las Vegas Casinos broke a five-month losing streak for the first time this year by winning more than $616.5 in revenue which was an increase from the previous revenue posted. The increase depicted a 17.7% GGR (Gross Gaming Revenue) increase on those posted in June 2018.
On the figures released by the Nevada Gaming Control Board, it showed that the Las Vegas casinos contributed the most in realizing the statewide gaming revenue won which was $1.04 billion. This was an 11.6% increment from the past year. Slots accounted for the majority share of the revenue which stood at $636.5 million. Las Vegas Strip casinos contributed 60% of the revenue.
One of the major players in the Strip’s increase was Baccarat which won $156.6 million for the Las Vegas-based casinos. On the Penny slot machines, the strip won $118.5 million which signified a 21% increment. However, blackjack did not do too well with the table game winning $68.7 million which was a 13% decrease.
Nevada sportsbooks spell dominance in June
May 2019, saw New Jersey spell dominance in the sports betting industry when it became the top sports betting state in terms of handle. This saw the state’s sportsbook print ticket slips worth $318.9 million while Nevada sportsbook printed ticket slips worth $317.4 million.
However, June saw Nevada get back to the top position with its sportsbook taking $322 million in wagers which was a 12% increment from the past year and which signified a record in a month. The Nevada sportsbooks figure in June was, also, $49 million more than what was taken in the New Jersey sportsbooks.
With sports betting in neighboring Pennsylvania going live on May 31, it is perceived that this was one major contributor in the New Jersey’s handle slowdown. Keystone state has since seen four sports betting operators taking bets either in-person or remotely.
On the Garden State sportsbooks, there was $16.58 million won by the oddsmakers which was a 15.5% hold. Baseball took the first position by winning $11.6 million while ‘other’ category won $4.6 million taking the second position.
Many casinos recorded an increase
June 2019 saw more gaming revenue taken in as compared to June 2018 in most of the Garden State’s casinos. Downtown Las Vegas won $52.1 million which was an 18.5% increment, North Las Vegas had a 13% increase by winning $22.8 million, Laughlin recorded an 8.4% increment by winning $39.4 million, and Boulder won $66.6 million which signified a 9% increase.
There were, however, a couple of lowlights with some regions in Nevada not faring well in the revenues won. Reno won $50.9 million which was a 14% decline, North Lake Tahoe casinos had a dip of 4%, South Lake Tahoe recorded a decline of 12%, while Washoe County recorded a 10% decline.
Statistics released by the US Bureau of Labor Statistics show that the unemployment rate in the Garden State stands at 4% which is slightly higher as compared to the nationwide rate which stands at 3.7%. However, the 4% signifies an improvement to 13.1% that was recorded in June 2011.
With the assumption that Baccarat holds steady, July would present another positive month for the Las Vegas Strip and Nevada casinos. A long four-day weekend was taken as a result of the Independence Day falling on a Thursday and it’s expected that more bets were taken from the 330,000 people who were expected to be drawn to Las Vegas during the weekend.