Analysis

Strip drags Nevada down in November

The Las Vegas Strip was the worst hit for gaming revenue in November according to the latest data from the Nevada Gaming Control Board.

Las Vegas Strip revenue plunged over 30% in November compared with the same period in 2019 with revenues coming in at $349.8m.

The percentage fall was ahead of the situation in Nevada as a whole where revenue for the month was down 17.8% year-on-year at $771m.

The best performing district was Downtown Las Vegas, which managed a 1.7% increase year-on-year. However, it too was down for the year to date by 17.4%.

In sports betting, handle was over $609m. This represented a dip from the previous month’s record $660m. 

Just over $500m of that total came from betting on the NFL. Hold was on the high side at 10.1% meaning revenue came in at $61.8m.

Mobile betting revenue was flat at 56% of the total.

Rules of engagement

In terms of the Wedge Index of gaming accessibility, the state remains a relatively lowly 9th on the list. In purely sports betting handle terms, however, the state remains second in the list behind New Jersey and ahead of Pennsylvania.

New Jersey is well on its way to realizing $1bn a month in handle.

Unless Nevada changes the rule of the game with regard to mobile registration and online gaming, it will likely continue to fall behind on both measures.

Newly-regulated sports betting and online gaming states such as Illinois and Michigan are likely to overtake it in the year ahead.

This is due to their larger populations and the licensing of both online gaming and mobile registration.

Signs of remote movement

Back in November, a proposal was put before the Nevada Gaming Control Board that would have seen remote registration adopted in Nevada.

However, nothing appears to have come of the move and it has been all quiet since. William Hill was among those opposing such a measure previously. 

Despite the change of ownership to Caesars – which was in favor of remote registration before – that might remain the same. Red Rock Resorts is also likely to remain in the no camp.

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Scott Longley

Scott Longley has been a journalist since the early noughties covering personal finance, sport and the gambling industry. He has worked for a number of publications including Investor's Week, Bloomberg Money, Football First, EGR and GamblingCompliance.com. He now writes for online and print titles across a wide range of sectors.

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