Nevada casinos post first billion-dollar month since February 2020

Gaming revenue in Nevada for March surpassed $1bn, marking the first time since the novel coronavirus (Covid-19) shutdown that it hit this figure.

Total revenue for March came to $1.07bn, a 38.1% month-over-month increase. The total was also 72.6% above March 2020’s $618.1m revenue figure, when the Las Vegas Strip casinos closed for the first time since the Kennedy assassination, from March 17.

Since reopening from June 4 the properties have been subject to capacity requirements, which were originally set at 50% for gaming floors, before this was halved to 25% from November 2020. The 50% capacity limit was then reintroduced from March 15 this year.

Slot machines accounted for the vast majority of Nevada’s gaming revenue in March, with their total growing 45.5% month-over-month to $772.1m.

Table, counter and card game revenue, meanwhile, was up 22.1% to $294.9m. Among the products offered in this category, blackjack was the main driver of revenue, bringing in $71.4m, followed by baccarat on $68.2m.

Sports betting revenue came to $39.3m for March, a 23.5% increase from February. Based on a 6.14% win percentage, this suggested amounts wagered over the month came to $640.8m, again a significant month-over-month improvement, from February’s $553.8m in wagers.

This handle also represented a significant improvement from March 2020 – when sporting events around the world were suspended as a result of Covid-19. For that month Nevada bettors staked just $141.2m.

Mobile betting accounted for $385.1m of Nevada’s handle in March 2021, based on revenue of $21.5m and a win percentage of 5.58%.

Read the full story on iGB North America.

Original Article