Published
Financial

Las Vegas economy receives March Madness boost

Nevada casinos have reported a near-record level of winnings for March, whilst at the same time, the Las Vegas airport announced that passenger traffic almost reached pre-pandemic levels. 

vegasnevada

With such high attendance, the Nevada Gaming Control Board (NGCB) announced a total for casinos statewide of $1.35bn, nearing the best-ever monthly record of $1.36bn that was achieved last July. 

Overall, all-time records for house slot machine winnings were achieved whereas the Las Vegas Strip gained the third highest monthly slot winnings to date. 

NGCB Senior Analyst Michael Lawton commented that “a traditional ‘March Madness’ atmosphere returned” following the removal of all Covid restrictions, including mask wearing.

In terms of sports betting, March featured a NASCAR race, mixed martial arts fights and NCAA basketball events. Almost $40m was won by sportsbooks from $863m of wagers.

According to the Las Vegas Convention and Visitors Authority, March also saw an increase of almost 50% in visitors to Las Vegas with numbers reaching 3.3 million. Moreover, this observation noted a return to more trade shows and that hotel occupancy in and around Las Vegas exceeded 80%.

The Harry Reid International Airport counted almost 4.3 million passengers for March which is a reduction of only around 140,000 from its pre-pandemic total in March 2019.

International traveller numbers reached 154,000, which is up more than 50% since February with flights abroad set to increase further in April due to additional routes to cities in Mexico, Canada, Panama, the Netherlands, Germany, Switzerland and the UK. 

In terms of taxes, Nevada received close to $98m from March casino winnings. Standing as an important figure for the state, this stream of income covers around 17% of overall state revenue.

Premium+ Connections
Premium
 
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Resorts World Las Vegas
Star Sports Group
Hard Rock Hotel & Casino Tejon
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...