The Las Vegas Strip bolsters Nevada’s state revenue

An 11.62% year-over-year revenue growth on the Strip helps Nevada break $1bn revenue for the fourteenth month in a row.

The Las Vegas Strip’s 11.62% year-over-year gaming revenue growth to $731.5m bolstered the state’s revenue by 5.71% to $1.3bn. This was the fourteenth month in a row the state posted a revenue of over $1bn. However, when broken down, these promising numbers are isolated to the Strip.

In Nevada, markets outside Las Vegas declined by 1.04%. North Las Vegas saw a disappointing turnover of $25.4m, down 5.16% year-on-year, while Laughlin dipped by 2.9% to $46.7m.

This growth on the Strip was fuelled by a leap in retail casino play, with a table increase of 35.5% and slot handle up by 8.5%.

This strong performance can be attributed to rising visitation, which grew 19.8% year-over-year to $3.4m in May – falling to only 6.6% below pre-pandemic levels – which may indicate a lessening of concern over Covid-19.

This is evidenced by the increase in tourists flying into the Silver State. Nevada’s Harry Reid International Airport has achieved a milestone regarding traffic in June, recording one of its busiest months since Covid-19 hit.

According to a passenger number report released by the airport, 30% more passengers passed through Harry Reid International Airport’s gates in May year-over-year.

A Covid-19 rebound for the Strip is evident in the other numbers, such as revenue per available room, which rose in double digits over 2019. Room rates shot up more than 20% for each market in the Strip. Convention attendance soared 336% year-over-year, rising to 75% of pre-Covid-19 levels.

These promising numbers were isolated to the Strip: in Nevada, markets outside Las Vegas declined by 1.04%. North Las Vegas saw a disappointing turnover of $25.4m, down 5.16% year-on-year, while Laughlin dropped by 2.9% to $46.7m.

The underperformance of Nevada markets outside the Strip may indicate a decline in local and regional gaming. However, it could also be attributed to a calendar year that was unfavorable, with eight Fridays and Saturdays this year compared to nine last year.

Robert Collins

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