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Las Vegas Casino Numbers Year in Review
The epicentre of gambling is no stranger to setting groundbreaking records when it comes to casino revenue. Despite the COVID pandemic of previous years though, the state of Nevada reported a record gambling revenue of $13.4 billion. This figure even beat the analysts' predictions that it would take Vegas at least 4 years to recover from the pandemic.
Post Pandemic Recovery
Whilst the covid pandemic boosted the profits of the US online gambling industry in a way no one ever anticipated, it hit land-based casinos hard. Travel restrictions and lockdowns of course hit Vegas. Though the numbers for 2021 show that Sin City emerged triumphantly.
Revenues increased in 2021 throughout Nevada, and 11 out of 18 markets set never seen before records for gambling. But what’s the reason for this fast and sharp increase in demand?
Michael Lawton is a Senior Research Analyst for the Nevada Gaming Control Board. He suggests this is due to the rollout of vaccines which enabled venues to eliminate capacity restrictions on the casino floors. He also stated that “this demand was being driven by healthy consumer savings as the result of stimulus payments and the sustained rebound of leisure travel”.
Once pandemic restrictions were lifted, players arrived in their droves to Las Vegas in 2021. And this saw Nevada hit a record 10-month streak of over $1 billion in monthly revenues.
The complete gaming revenue for 2021 also beats the numbers for 2019 - before the pandemic even began, by 11.6%. The last high came in 2007 when Nevada reported massive total gaming revenues of $12.8 billion.
Types of Gambling That Contributed to 2021 Vegas Numbers
You’d be forgiven for thinking that table games would generate the most revenue in Nevada. When it actual fact it was slot machines that waded in with a jaw-dropping figure of $9.2 billion in revenue for the state. This set yet another record for Las Vegas, giving an increase of 16.4% over the figure for 2019 even.
The second most profitable type of gambling to rock the boat was roulette. By far the simplest of all table games, it boosted the state's takings by $428 million in 2021, another all-time record.
It’s important to factor in sports betting to the revenue for 2021. Nevada based sportsbooks took in wagers which totalled $8.1 billion from punters. This created a profit of $445.1 million, both figures setting new records for the state. Interestingly, mobile sports betting accounted for 64.6% of this revenue.
Room for Growth?
The Las Vegas gambling industry is certainly on the rise after a disastrous 2020, which was one of its worst in centuries. But do the casino numbers of 2021 indicate that Vegas is now in the clear?
Brenda Bussmann is a Director and partner of government affairs with Global Market Advisors. She suggested that full recovery is not complete after the pandemic and there’s still room for growth. “If you look at the numbers, on their surface, it looks like we’re more than back from the pandemic low because of the growth and the record year, but you have several segments - like business and international travel - that still aren’t back”.
What Does the Future Hold?
How long this boom in revenue will last is anyone's guess. When it comes to stock held in casino gambling - the future looks a little rocky. Though researchers from Macquarie forecast a full recovery of Vegas casinos to happen no later than 2024.
The company pits MGM as its star rating. Whilst Wynn hasn’t done so well with its stock decreasing by 24% due to the Macau licensing concerns. Las Vegas Sands also reported a steep stock drop of 37%.
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