December 10, 2020
Casinos and sports betting operators in the US had a reason to celebrate in October as revenue increased for the sixth straight month. However, the revelries might be short-lived as November is projected to end the winning streak.
According to the latest figures posted by the American Gaming Association’s Commercial Gaming Revenue Tracker, US operators generated over $3.38 billion in combined revenue in October. Although the figures are down by 7% compared to the same duration last year, the numbers have increased by 6.3% since the previous month.
While video slots and table games continue to suffer the pandemic’s wrath and the restricted access as a result, online casinos and sports betting have caught up to pre-COVID projections, the former tripling year-on-year to $156 million while the latter grew by 53.5% to $237.5 million. On the other hand, slots and table games have declined by 10.6% and 17% to $2.1 billion and $543 million, respectively.
The total gaming revenue in 2020 is down by $24.1 billion, with slots and table games causing the maximum damage. In comparison, sports betting and online casinos soared one-third and 206.2%, respectively to $915.4 million and $1.23 billion. Leading the charts, Iowa and Colorado witnessed a massive rise in iGaming demand thanks to the new verticals boosting online gambling.
The positivity continues in New Jersey and Pennsylvania, while Ohio and South Dakota were in the black. Revenue from Oregon jumped a whopping 1,162% in October thanks to sports betting. The nationwide sports betting revenue is projected to hit a record $3 billion in October once Illinois releases its figures.
But before we get too excited, the projections for November don’t look too promising, and Maryland casinos have already posted declining numbers compared to the previous month. All six physical casinos in the state posted negative growth, generating just $130.4 million compared to $142.7 million in October.
The situation is quite similar in Ohio, where four casinos and seven racetracks combined generated just $133.4 million, down from $169.1 million posted during October. Like Maryland, brick-and-mortar establishments in Ohio are also facing strict restrictions due to the coronavirus, and this has affected sales volumes.
The Las Vegas Sands in Nevada announced earlier this week that its Palazzo hotel tower would remain shut till December 23rd to better project the occupancy patterns. The Palazzo had earlier stopped accepting weekday room reservations to curb virus transmission at the peak of Nevada’s battle against the pandemic.
The Palazzo’s bars, restaurants, and casino will continue to operate at 25% occupancy, but overnight guests are being diverted to the group’s Venetian property. Other hotels in Las Vegas that are turning guests away include the Park MGM, Encore Las Vegas, and Caesar’s off-strip property in Rio.
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