Mia Gardner | 05 Jul 2019
Nevada’s Gambling capital has seen some significant drops in revenue throughout the last year, and the NGCB (Nevada Gaming Control Board) has admitted that it seems to be a trend. Not only is Las Vegas slipping from its lofty perch, but New Jersey just beat them out as the sports betting capital of the United States!
At least for now…
In April in the State of Nevada, the combined gross gaming revenue (GGR) for all the casinos was $981.8 million, 6% lower than the 22% it had had the previous year.
The casinos on the Las Vegas Strip, the casinos that support the city, registered an aggregate decline of 11%. Blackjack was 14.8% to $67.4 million, and baccarat was down 55%, to only $53.85 million and included a win rate of less than 8%. Penny slots helped the situation somewhat, though, by reporting an increase of 6.3% to $117.8 million.
The aggregate drops recorded by both the Strip and the city are in line with a trend that started about six months ago, in December of 2018. Since then, Las Vegas has been experiencing consecutive year-on-year decreases in revenue each month. The month of May saw the numbers at their lowest yet.
It’s not only in the casinos that people are feeling the pinch of the expanded locales for gambling. Even Vegas’ sportsbooks dropped against New Jersey’s. Las Vegas printed $317.4 million in wager slips in the month of May, while New Jersey printed $318.9 million.
It’s not really surprising to anyone in New Jersey that they are doing so well. The governor of the Garden State, Phil Murphy, predicted this very thing, back in April, when he said he had no doubt that they would conquer their gambling rival. Former New Jersey Senator Ray Lesniak was in compete agreement with Murphy’s prediction.
It was Lesniak who fought with the US Supreme Court and PASPA to repeal the federal ban against sports betting. He told ESPN a few days ago that New Jersey and the Northeast LOVE their sports. It’s a hotbed of activity there. They are well on their way, he added, to becoming the East Coast’s Las Vegas, and Nevada had better watch out.