In an industry financial report, The Nevada Gaming Control Board (NGCB) found that while gaming improved compared to June, a 26.2% decrease in win for state casinos compared to July 2019 was observed for July 2020. Such figures are observed due to the 78-day closure of commercial casinos in bid to contain COVID-19.
The report notes that $756.8 million in revenue was generated by more than 400 licensed casinos in the state, a 26.2% decline compared to July last year. Gaming wins in the Las Vegas Strip were reportedly $330.1 million, a 39.2% decrease from the previous year.
The senior research analyst for NGCB, Michael Lawton, said the improvement was due to three additional Strip properties resuming operations in July namely Aria, Mandalay Bay and Bally’s.
In a note to investors, gaming industry analyst at J.P Morgan, Joe Greff, said the local markets are recovering faster than the Strip due to the limited amenities and the requirement to operate at 50% of capacity.
Living in a world with COVID-10 has ignited innovation within the sector. For instance, Nevada has introduced the "COVID Trace" app.
He further explains: “We note that July Las Vegas locals slot win decreased 8.8 percent, year over year, with handle down 21 percent year over year. The local market is exhibiting a faster recovery than the Strip gross gaming revenue, which makes sense given the general Clark County area population and retiree base in the area”.
The Las Vegas numbers underscore the troubles faced by economies reliant on air travel, especially during a time with customers still hesitant to travel. On June 4th, Nevada Casinos began reopening, with restrictions on capacities.
“Sequentially, July 2020 was up 35.5 percent compared to June 2020 which exceeded our expectations. The Strip’s decline accounted for $212.7 million of the $268.1 million decrease or 79.3 percent of the decline. This illustrates the challenges this market is facing and will continue to face due to limited air travel, no midweek convention business and the lack of large-scale events and entertainment options” Lawton further states.
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About SiGMA Europe - Malta
SiGMA Group has announced the postponement of its Europe summit, which was planned to be held in Malta on 17-19 November 2020. The show will now open its doors early next year in February, running from the 16-18th, making it the first event to headline the 2021 gaming calendar.