The Silver State had a hectic week with the release of new reports, the season’s most significant sports betting event, and the introduction of legislation that could attract a fresh crowd to Las Vegas’s casino floors. [toc]
Here are all the recent highlights from the Nevada gambling scene, designed to help you stay abreast of the busy news cycle.
2016 Nevada gambling revenue comes in at $11.25 billion
Recently, the Nevada Gaming Control Board (NGCB) published comprehensive data on the previous year’s gambling revenue.
The positive aspect is that state casinos earned a notable $11.25 billion in gaming revenue last year. However, the downside is that this figure has remained relatively unchanged since 2015, continuing a seven-year trend of limited growth.
The race and sports books sector did not remain stable, with every sport except football experiencing a revenue decrease of seven to 27 percent last year.
Despite steady gambling revenue, the casino industry expanded last year due to the growing importance of entertainment such as night clubs and restaurants in the Las Vegas economy.
Super Bowl LI generates record number of bets
Last year’s revenue news for sports books was unfavorable, however, the previous weekend in Vegas brought nothing but good news for the betting industry.
Nevada set a new record by taking in $138.5 million in bets from the most recent Super Bowl game between the New England Patriots and Atlanta Falcons.
The bets placed set a new record for the most money in Nevada’s history, however, the earnings for the casinos were consistent with previous years. The bookies made a profit of $10.9 million.
The numbers, similar to Nevada’s gambling revenue, seem impressive until you consider the context. The American Gaming Association (AGA) speculates that illegal bets during the Super Bowl amount to over $4 billion each year.
The focus on the extensive black market for betting appears to be influencing legislation.
New York, Pennsylvania, and Maryland are all contemplating proposed laws on sports betting, while New Jersey continues to challenge the issue legally by appealing its current case to the Supreme Court.
Bill to lower gambling age to 18 proposed in Nevada Assembly
If a new law proposed by Assemblyman Jim Wheeler passes, it could lead to an increase in the number of people celebrating the Super Bowl in Vegas casinos. The bill aims to lower the legal gambling age to 18.
The provision of free cocktails on the majority of Nevada’s casino floors complicates the implementation of such changes, particularly for the cocktail servers.
In the past, casino executives typically refrained from commenting on similar proposed bills. However, this time, the Nevada Resort Association has voiced its opposition to the new bill, suggesting that unless there’s a substantial reason to alter a system that’s functioning well, they are against it.
Last year in Nevada, Wheeler was a strong opponent of the recreational marijuana measure. However, he cited reasons related to liberty to justify his proposed law.
