Casinos across the country are doing well regarding solid revenue collection each month. This translates to a rapidly growing casino industry in the USA. With that, it is evident that several stock prices for various casinos are starting to grow.
Stock Prices Have Surged for Several Big Casinos
In March 2020, stock prices for all casinos in the USA plummeted. This was due to mass casino shutdowns ordered in March, following the spread of the coronavirus. Fortunately, most of these casinos have seen their revenue return to normal or exceed their records in the past 18 months.
Last week, several reports showed how share prices had increased in several casino companies. Companies such as MGM Resorts, Wynn Resorts, and Las Vegas Sands have seen their share prices surge. Yet, these price surges are not only a result of revenue collection in the USA.
Instead, they are a result of what is happening in Macau. Last week, it was announced that Mainland China planned to remove travel restrictions to and from Macau. This will lead to an increase in income generation in casinos in Macau.
The above three companies each have a casino in Macau. The casinos have not been doing well since the coronavirus pandemic in 2020. But, if Mainland China will lift the travel ban, the casino industry in Macau will turn around to better.
Sports betting is also taking shape in the country. Previously, sports wagering was limited to Nevada. With the removal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the sports betting industry opened up to other states.
Now, every state can legalize sports gambling, with over 25 states have chosen to legalize it already. Sports betting operators, who often work under licensed casinos, reported bringing revenue in millions.
In Tennessee, the reports show it collected $129 million in July, while Iowa collected $7.1 million the same month. Although sports gambling is huge, July’s income is much less than June’s in each state. But, it is predicted August was a better month for the sports gambling industry.
Record-Breaking Income in July for Casinos in Las Vegas
For a moment, it seemed even the prominent casino companies would fall following the pandemic. But, things have changed now, and most casinos are thriving.
Casinos in Las Vegas generated a whopping $593 million in July. This brought Nevada’s total gaming income to $1.35 billion. Tourism has returned by the numbers of visitors is below pre-pandemic.
The revenue is the highest in the history of the Las Vegas casino industry. Several reasons might have led to revenue surges. One of these is the opening of the most expensive gambling property in the city, Resorts World Las Vegas.
Several experts have predicted August will have another record-breaking revenue generation. With millions of vacationers visiting Las Vegas in the past 30 days, sports gambling markets, casino gaming, Nevada is set to hit another record high.
These factors seem to contribute to casino companies’ share prices surging. Although there might be external factors contributing to the share prices, gambling seems to do the most. For now, we look forward to seeing how casinos will perform and which other companies will increase their share prices.
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