The timing of Tuesday’s release of Nevada gaming win wasn’t intended as a warning.
But it could be.
The state Gaming Control Board on Tuesday reported May casino win of $5.8 million, down 99.4 percent from May 2019. Casinos were closed in May, meaning that any revenue generated came from sports book apps that continued to operate.
In five state markets, including Laughlin, casinos took in less than they paid out. Some of the payouts resulted from sports bets placed months ago that casinos are only now reconciling.
For that reason, Clark County gaming win was higher than the state total overall, $5.9 million, down 99.3 percent from the previous year.
“The vast majority of the win amount was derived from mobile sports wagering and interactive poker,” said Michael Lawton, senior research analyst for the Control Board.
“For the calendar year, the state is down 45.2 percent and the Strip is down 44.8 percent. As far as May’s gaming win compared to April, it is my understanding that due to the addition of events to this month’s sports betting options (NASCAR and UFC) the month of May was a bit stronger.”
Analysts knew the May numbers would be grim since it was the second full month of the state’s 78-day casino closures that began March 18. They reopened June 4, so June figures should be a little brighter.
But the May numbers also provide a reminder of the return to financial turmoil if Gov. Steve Sisolak orders properties re-closed, an order he doesn’t want to issue.
As terrible as the May numbers were, they weren’t as bad as April’s. In April, state casinos won $3.6 million, down 99.6 percent, the lowest win total since records began being kept in 1983.
The two months of closures, the 14 days in March and the three days in June have made a mess of the 2019-20 fiscal year.
Statewide, gaming win is down 19.4 percent to $8.761 billion. Strip win is off 19.5 percent to $4.771 billion, and downtown Las Vegas is down 17.2 percent to $508 million.
For the 11 months of tax collections based on percentage of win through Monday, the state has received $598.2 million, down 15.6 percent from the previous year.
Later Tuesday, the Las Vegas Convention and Visitors Authority is expected to release its May visitation statistics.
This is a developing story. Check back here for updates.
Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.