Nevada gaming revenue surpasses $1bn for 14th month

More than 85 per cent of revenue came from Clark County.

05/26/22

Casinos collected almost $1.13bn in gaming revenue, up by nearly 8.6 per cent year-on-year.

US.- Nevada casinos recorded their 14th straight month with at least $1bn in gaming revenue in April. According to the Nevada Gaming Control Board (NGCB), casinos collected almost $1.13bn in gaming revenue, up by nearly 8.6 year-on-year. More than 85 per cent of the total came from Clark County. However, revenue was down from the $1.35bn reported in March.

Clark County collected $960.4m in gaming revenue, up nearly 11 per cent compared to the same period last year. Strip gaming revenue recorded $593.4m, 22.8 per cent higher than April 2021.

Downtown Las Vegas casinos saw revenue decline 11.4 per cent and the Boulder Strip, which includes casinos in Henderson, experiences a decline of 10.3 per cent.

In Northern Nevada, Washoe County’s revenue registered a decrease of 2.4 per cent to $85.3m. Reno recorded $62.2m, up 1 per cent. South Lake Tahoe registered a 15 per cent decline to $18.5m.

In the first four months of 2022, gaming revenue in the state was up 28.4 percent compared to the same period in 2021. It was up 33.5 per cent in Clark County and 51.5 per cent on the Strip.

MGM Resorts completes $1.63bn deal to acquire The Cosmopolitan’s operations

MGM Resorts International closed a deal to acquire The Cosmopolitan’s operations for $1.625bn. It closed the transaction with Blackstone after securing approval from the Nevada Gaming Commission.

MGM Resorts’ adds The Cosmopolitan to its properties on the Las Vegas Strip, including the Bellagio and CityCenter, both leased from Blackstone. MGM Resorts has entered a 30-year lease agreement with Stonepeak, Cherng Family Trust, and Blackstone Real Estate Income Trust, a three-way partnership that acquired The Cosmopolitan’s real estate assets.

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