Nevada Records 12th Consecutive Month Of $1bn Wins
In a recent announcement, the Nevada Gaming Control Board revealed that the state had achieved casino gaming of $1.1bn for February.
This is the 12th consecutive month that Nevada’s casino industry has reached the $1bn mark, and represents a 44% increase in total winnings from the same period a year earlier. Even though February only contained 28 days this year, the revenue generated in the month surpassed January’s.
The upsurge in takings is largely owed to bets placed on sporting events like the Super Bowl and the many concerts held in Las Vegas over February.
Michael Lawton, a Control Board Research analyst, has advised that while these numbers are encouraging, future revenue will experience an expected downturn. Lawton pointed to rising fuel prices, pandemic-triggered inflation, and armed conflict in Europe as the influences expected to temper Nevada’s winning streak.
“Our comparisons are going to become extremely difficult in the upcoming months and we are optimistic that this level of gaming win will continue. However, as you are aware there is a great deal of macro-economic and geopolitical events that are happening in real-time, which are concerning and it is unknown how it could impact the trends we have been witnessing for the past year,” he explained.
MGM Resorts’ Director of Trading, Jeff Stonebeck, expressed confidence in the immediate future, predicting positive March revenue results from the huge sports betting takings for the NCAA College Basketball Tournament, or as it's commonly known, March Madness.
Stonebeck elaborated, saying,
“We get the same people who come out every single year for it. It’s an annual ritual for a group that will get four, five, or six guys who come out every year. A lot of people don’t pay attention to college basketball until the tournament.”
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