LAS VEGAS (KTNV) — Nevada's casinos, the lifeblood of the state's economy, are set to eclipse their all time gaming wins total for a year and have raked in more than a billion dollars a month for 20 straight months.
On the Las Vegas Strip and Fremont Street Experience Friday evening, the streets were packed, many gaming tables were full, and slots rolled away with gamblers continuing to risk their hard-earned cash.
"I played one hand of blackjack, the minimum was $50, and I won the hand and I walked away," said Andrew Vergatos.
"A lot of Blackjack," said Mikey Hughes, "and we're getting our butts kicked."
Financial analyst Steve Budin with The Budin Group said the tax revenue generated from gaming has been critical for state operations.
"That's what pays for the roads, the schools, police, the fire, everything," Budin said.
With prices for essentials consistently rising through the roof, many thought non-essential gambling would fall, but that hasn't materialized.
Budin said the coronavirus pandemic changed everything about expectations.
"A lot of people have changed the way they're spending their money," he said. "They're less focused on buying things and are more focused on experiences."
That's true for many like Michael and Mikey Hughes.
"Aww, it's just fun," Michael said as Mikey added, "Fun to get out. After three years it's fun to be out. It doesn't matter at this point."
Another potentially darker reason gaming has remained resilient amid record inflation according to Budin has been that desperate times often call for desperate measures.
He said some may spend money they may not have with the hopes of hitting it big.
"In times of economic uncertainty,"Budin said, "people will get a little bit desperate and try to hit the grand slam financially when the odds are really stacked against them."
Budin said, while it's impossible to predict the future, the new focus on buying experiences bodes well for Las Vegas and gaming.
A potential looming recession, however, could put the breaks on cash flow.
