Nevada: Strong April gaming numbers mark beginning for summer

Nevada

In April, Nevada gaming continued its springtime rebound, bringing in 11% more revenue from customers than in April of the previous year. The gaming industry is recovering from the COVID-19 pandemic. And the second consecutive month of more than $1 billion in gross gaming revenue sets the stage for a strong summer.

The state of Nevada’s casinos earned $1.039 billion in April, up from $936.4 million in April of the previous year.

“The economic outlook has significantly improved since December,” said Michael Lawton, Research Analyst for the Gaming Control Board. “Vaccine rollouts, lower infection rates, and subsequent capacity increases have allowed gaming win amounts to consistently exceed our expectations throughout the year.”

Business travellers and the return of special events are among them, according to Lawton. “International travel is the one segment that is still a little hazy at this point. However, when all of these factors are taken into account, it is becoming more likely that gaming wins will meet or exceed pre-pandemic levels as we move into the second half of 2021 and 2022.”

Analysts on Wall Street are predicting a strong summer. They confirmed what gaming companies said in their second-quarter earnings reports about Strip properties being booked on weekends through September.

J.P. Morgan’s gaming and lodging analyst, Joseph Greff, sees “incremental positive data points” for Las Vegas into the summer. It is because airline capacity at McCarran International Airport is approaching pre-COVID levels. For June, July, and August, commercial airline seats to Las Vegas will be about 95% of 2019 levels. According to him, the total seats for the fall will be higher than in 2019.

 

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Nassima Azmzm

Nassima Azmzm

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