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Nevada revenues decline in March

The Nevada Gaming Control Board reported Wednesday that the state’s licensed casinos won $618.12 million in March, a 39.57 percent decline compared to the same month a year ago.

The closure of the state’s casino business on March 17 to stem the spread of the coronavirus pandemic has negatively impacted win totals for the fiscal year-to-date, with win off 2.2 percent to $8.75 billion.

Clark County’s win was off by 38.1 percent last month to $546.4 million, down from $882.8 million for March 2019.

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It was not any better for casinos along the Las Vegas Strip or in downtown Las Vegas, as both areas posted major double-digit declines in gaming revenue in March. The Strip posted revenues of $299.8 million in March, off 45.67 percent from $551.9 million, and downtown was off 25.92 percent year-over-year to $43.4 million from $58.6 million.

As shocking as these numbers were, revenue numbers will be a lot worse in April because the state’s entire $12 billion gaming industry has been closed for the entire month. April’s numbers are expected to be reported by the end of May, according to state gaming regulators.

Nevada collected $37.11 million in fees during the month of April, based on taxable revenues generated in March. That represents a 53.58 percent, or $42.83 million, decrease compared to last April when collections were $79.95 million.

The state’s 190 sportsbooks also took a beating. The win for the books in March was just $1.5 million compared to more than $32 million the year before . The books did $141 million in business last month compared to $455.7 million for March 2019.