Nevada’s local casino region reports surprisingly strong 10% GGR jump
Gambling properties in the local region near Nevada’s Las Vegas enjoyed a stronger than expected growth in gross gaming revenue (GGR) in the month of August, fresh data has revealed.
According to fresh stats, GGR in the Clark County close to the Sin City jumped 10 per cent in August from the corresponding month of 2019. Much of the jump in GGR was credited to strong gaming activity in the region of Boulder Strip.
Commenting on the increase in GGR, gaming industry analyst Barry Jonas said that growth in the locals casino region was stronger than their expectations. He credited the stronger than expected growth to broader regional trends.
Casinos located in the Boulder Strip region near the Las Vegas enjoyed an increase of 30 per cent in gaming activities. The Boulder Strip includes communities along the Boulder Highway, such as Whitney and Henderson. Gaming companies that own casinos in the Boulder Strip region include Red Rock Resorts and Boyd Gaming. Other sections of the locals’ casino market are North Las Vegas and a few parts of Clark County. A fraction of the 10 per cent jump seen in the locals’ casino region can be attributed to the accounting method that was used to calculate GGR.
While the Boulder Strip region enjoyed a strong growth in GGR in the month of August, the Las Vegas Strip and Reno gaming properties saw year-over-year steep declines in their gaming revenues. Casinos on the Las Vegas Strip, which claims to be the second most popular gambling hub in the world after Macau, reported 39 per cent decline in GGR in the month under review, while Reno properties saw a decline of 13 per cent.
However, the GGR declines in the Las Vegas Strip and Reno areas were in-line with analysts’ expectations. Analysts were expecting the two areas to report declines in GGRs due to slower recovery from the pandemic.
Prof. Stephen Miller, who is serving as the director of UNLV’s Center for Business & Economic Research, cautioned that Las Vegas may take more time to fully recover from the impact of the pandemic.
Commenting on the situation, he said, “There are questions, too, whether the economic recovery will be V-shaped or K-shaped, Miller confirmed. The data that I am looking at now suggest a V-shaped recovery. But a second wave of the virus and/or a bad flu season could call off the recovery.”
Prof. Miller added that the slowdown would persist unless fiscal support is extended to the beleaguered casino industry. It may be noted here that the Covid-19 pandemic forced all casinos across the Silver States to remains in the dark for months as part of the government’s efforts to prevent the spread of the deadly infection, which continues to contribute to a worsening of income allocation and economic troubles.
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