Americans gamble their way out of the pandemic: Commercial casinos rake in record-equaling $11bn in the first quarter of the year as lockdowns ease - with March the highest grossing month EVER
America's casinos are roaring back, earning $11.1 billion in the first three months in 2021 after being shuttered for months during the coronavirus pandemic.
First-quarter revenues at non-tribal casinos matched the third quarter of 2019 for the industry's best quarter in history, according to revenue numbers released Tuesday by the American Gaming Association.
And the bumper revenues come despite many casinos still being held back by state restrictions on capacity and indoor sale of alcohol.
Profits had plummeted in March 2020 when casinos were forced to shutter due to the Covid pandemic.
The Q1 2021 windfall represents a nearly 18 percent increase in revenue over the same time last year, and an increase of more than 4 percent from the first quarter of 2019, before the pandemic.
Experts say the bumper revenues are thanks to people feeling more comfortable in public places, and a wish to go out and have fun after a year of lockdowns.
Casinos have also had a boost from internet and sports betting.
The $11.1 billion that casinos earned in the first quarter of 2021 represents an 18 percent increase over the same time last year, and an increase of more than 4 percent from the first quarter of 2019, before the pandemic began in the United States
Casinos across the country garnered more than $11.1 billion in the first three months of 2021, as more Americans venture out to the casinos. In this picture from May 3, a played a slot machine while wearing a mask in the Hard Rock casino in Atlantic City, New Jersey
March saw revenue climbing to $4.48 billion at non-tribal casinos, making it the highest grossing month ever in terms of gaming revenue, according to the Gaming Association. That month, a dozen states reported their highest-ever levels of monthly gambling revenue.
The report does not include tribal casinos.
'Today´s report shows gaming´s comeback is ahead of schedule,' said Bill Miller, the association's president and CEO. 'The gaming industry is generating these impressive results with one hand tied behind our back as capacity and amenity restrictions remain across the country.'
Some state-mandated closures remained in effect in the first quarter of this year.
Casinos in Pennsylvania and Illinois were allowed to reopen from a second mandated shutdown on January 4 and January 16, respectively. In early March, New Mexico became the last commercial gaming market to resume operations after having been shuttered for just under a year.
South Dakota was the only state in the union to earn revenue over the past year, after opening last May, while revenue in New Mexico was down nearly 90 percent
Fourteen out of the 25 commercial casino states - home to more than 75 percent of the nation's commercial casinos - limited casino occupancy to below 50 percent during the quarter.
One of the few places where commercial casinos were operating at full capacity in the first quarter was South Dakota. It was the first commercial casino state to reopen last year, on May 7, 2020.
As a result it was the only state in the union to earn revenue over the past 12 months, while revenue in New Mexico was down nearly 90 percent, the report from the American Gaming Association shows.
Terry Glebocki, CEO of the Ocean Casino Resort in Atlantic City, New Jersey, attributed the increase in revenue in part to more people being willing to venture to casinos as the pandemic seems to subside.
'I do think we're seeing more and more people feeling more comfortable coming out" to casinos, she said. 'There's a ton of pent-up demand out there. People want to go out and have fun, and that's what you do at a casino.'
Terry Glebocki, CEO of the Ocean Casino Resort in Atlantic City, New Jersey, said more customers have been returning to the casino (pictured) in recent months, as the pandemic seems to subside
In March, casinos on the Las Vegas Strip, like the MCM Grand (pictured) took in more than $1 billion for the first time since the pandemic began, the State Gaming Control Board reported
Traditional brick-and-mortar casino games generated 90 percent of their first-quarter 2019 revenue, the American Gaming Association report says, with revenue from slots and table games in March coming within 1 percent of March 2019 totals.
Sports betting revenue, meanwhile, set a new quarterly record this year at $961 million, up 270 percent from a year earlier, and surpassing 2019´s full-year total of $909 million.
Helped by the successful opening of online casinos in Michigan, internet gambling generated $784 million nationwide in the first quarter of this year, more than three times the amount from a year ago.
In March, a dozen states set monthly gambling revenue records: Arkansas, Colorado, Iowa, Maryland, Michigan, Missouri, Montana, Ohio, Oklahoma, Pennsylvania, South Dakota and Virginia.
Nevada, home of the famous Las Vegas Strip, meanwhile, posted its best month in eight years in March 2021, when it raked in more than $1 billion for the first time since the pandemic began - a 73 percent increase in revenue from the same time last year, according to a report from the State Gaming Control Board.
Those on the Las Vegas Strip accounted for half of the state's house winnings, taking in $501.45 million for a 67 percent bump.
Sports pools and win volumes were at their highest levels in the state in March, when sports pools won $39.3 million, up $37.9 million from last year, or about 2,605 percent.
The amount wagered in sports pools in Nevada was $640.7 million in March, up 499.7 million, or 354 percent.
Statewide slot winnings totaled $772 million and slot machine volume was the highest it has been since July 2008.
Nevada sports books, meanwhile, handled nearly $641 million in March alone, and won $39.3 million, second only to New Jersey where sports pools handled $859 million and won $60.7 million.
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