Times are good for the industry in the state of Nevada, which in the month of February again saw its take from gaming be in excess of $1bn. This was the 12th consecutive month the state has gone past this number.
The take was also a record for the month of February. Indeed, the fact that the shortest month of the year was able to reach such high levels did not go unnoticed by analysts.
Altogether, the 433 casinos in the Silver State were able to win $1.113bn from gamblers. This figure was released by the Nevada Gaming Control Board and indicates a staggering 44.1% increase over the same period the year before, when the industry was still mired in a pre-vaccine, pandemic-induced world of lockdowns and reduced travel.
Casinos on the Strip itself were the shining lights of the state, taking in just shy of $600m.
Reno and Washoe County also increased over the year before. Only South Lake Tahoe saw its numbers decline.
From this high-performance month came an excess of tax and fee collections: Nevada was able to collect $58.9m in taxes, an increase of 34.5% from the same period the year before.
Fiscal year 2022 is seeing Nevada perform excellently when compared to the prior year: the first seven months have brought $525.4m, a 35.4% increase.
Adding to February’s high numbers was, of course, the Super Bowl, the biggest single betting event of the year. The state’s sportsbooks won $179.8m over the course of the month. Many predict March will see a similar showing on the strength of the NCAA Basketball Tournament.
Despite the optimism, there are also worries that macro forces could hinder Nevada’s performance moving forward. These include rising fuel prices, out-of-control inflation and fast-spreading Covid variants.
