Nevada Casinos Reported 19.5% Drop in Profits in October

December 16, 2020 John Isaac

Casinos from Nevada posted another month of flat winnings in October, marking a weak month in a major statewide fiscal health measure, according to the figures published on Tuesday Morning by the Gaming Control Board.

Serious Income Drop Down in All Nevada Casinos in October Casino house profits of nearly $823 million dropped 19.5% relative to the same month last year when hot streak casinos posted gaining over $1 billion.

According to the Associated Press, the new number in October was flat after the regulatory agencies announced the so-called ‘gaming triumph’ million.

CEO Michael Lawton noted that October had two more weekend days compared to the previous year and that house winnings on table games have been the highest since the re-start operations in June.

Casinos continue to face problems, particularly in Las Vegas, because of restricted air travel, lack of a mid-week convention, and the lack of arena activities and entertainment facilities.

The Casino Win Index dropped by more than 36% in the calendar year and Las Vegas Strip falls by 43.6%.

Based on October income, the state collected $50.5 million in revenues, down 18.9 percent from a year earlier.

As a percentage of Nevada’s annual spending, casino taxes second to income tax. The country does not have a personal income tax.

Governor Steve Sisolak Has Made Strict Restrictions to Casinos Capacities Due to COVID-19

Nevada Governor Steve Sisolak has tightened the pandemic capacities to cut capacities of pubs, bars, gyms, and casinos by 25 to 50 percent in response to increased COVID-19 cases across the state.

Figures of the Gaming Control Board further illustrate that the October win of sportsbooks of $42.4 million from betting was down 11.49% relative to October 2019, but the cumulative betting handle in Sportsbook was $659.6 million in October.

A monthly high record of 441,2 million dollars for cricket, as did the 376,9 million dollars for smartphone wagers (which accounted for 57.1 percent of the overall handle).

Mobile betting, which was sluggish here in Nevada, relative to at least other countries that entered into the legal landscape after the United States. The Federal ban on sports betting was lifted by the Supreme Court, statistics are attributed to endorse going upwards amid the pandemic of COVID-19.

Most of October Profit was from Football Betting

The major parts of the gains from October were made by football betting when books were awarded $32.6 million by betters, up 24.53% from October 2019. A benefit of $3.86 million was also seen in the “parlay card” segment — which is mainly soccer. This decreased by 14.44% in October but was an impressive 39.89%.

The MLB season has come to an end, but it was a 54.87 percent drop from last October, VSiN estimates that baseball contributed a further $5.18 million to its coffers.

The bookies lost around $1.08 million on hockey and around $189.000 on basketball. Mostly this is because of potential bets and long season repayment, finishing September 28 at the Stanley Cup Finals and October 11 at the finals at NBA.

The gaming win at the casino side was down in Nevada for the eighth consecutive month. Casinos also earned over $822 million in October from their players, but it fell by 19.5 percent in October 2019. Blackjack had almost 35% down, 34% down, 13% down, etc.

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