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Land-based Casinos Are Still Alive and Well: Las Vegas All-time Record Profit in 2021

 

March 16, 2022 (Investorideas.com Newswire) According to the Nevada Gaming Control Board, gross gaming revenue (GGR) for the Las Vegas casino industry will total more than $13.42 billion in 2021. The number is nearly 71% higher than the same period of 2020 and 9% higher than in 2019. The previous record gaming year in Nevada was in 2007 when casinos won approximately $12.85 billion from players.

Who would have imagined the results of this scope? After the past few years, it was a nice surprise.

According to the latest Fitch Ratings report, global gross gaming revenue is expected to surpass 2019 levels in 2022. Despite a 10% drop in tourism, this growth has occurred.

2021 a Record Year for the Las Vegas Land-Based Casino Industry

Nevada has recorded more than $1 billion in revenue for 10 consecutive months since gambling regulations were lifted. Slot machines remain the state's main source of income. Last year, the state took in more than $9 billion. "Sin City" recovered from the pandemic-induced recession in 2021, as reflected in its 7.4% revenue increase over 2019.

Last year, the total amount won by roulette and live roulette games reached an all-time high of $430 million. There were over $445 million in winnings from Nevada's sportsbooks in 2021, an all-time record. The last three months of 2021 saw bets above $1 billion at sportsbooks. In 2021, slot machines still dominated Nevada's economy. Last year, the state realized $9 billion from slots, which is another record. The increase was 16.4% from the previous year.

The Recovery for Las Vegas Isn't Complete

According to Bussmann, the recovery isn't yet complete. While regional and local gaming has achieved record revenues, The Strip still has room for growth. The record year and growth have resulted in some segments not recovering from the pandemic low, like international travel and business. According to figures, Las Vegas is back in business.

"2019 was a great year for the gaming industry," says Bussmann. Despite one of its worst years in recent years, the industry was able to recover, demonstrating its resilience. The state's most important industry, the mining industry, also thrived and endured last year.

In response to concerns over Macau's licensing process, Wynn's stock price has fallen 24% over the last year, and it declined 4% this week after news broke that it would sell WynnBet for a steep discount.

Macquarie maintains a neutral stance on the company's stock due to continued limitations by Covid in Macau on its VIP business. Las Vegas Sands' stock price has also declined 37% over 2021 due to the loss of Macau property sales. Despite Macquarie's downgrade to "outperform," it believes Las Vegas Sands will benefit most from the Chinese recovery.


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