The Las Vegas Strip Is Back and May Be Better Than Ever
At its peak in 2006, the Las Vegas Strip generated $569 million in monthly gambling revenue and the region's casinos had never been healthier. But a wave of expansion and a pandemic in 2020 left the region in dire straights. In 2020, Las Vegas averaged just $311.1 million in monthly gambling revenue and for a period of time, the entire strip was shut down.
Casino stocks adjusted by raising money and cutting costs, but for more than a year the question for investors has been, how long will the recovery in Las Vegas take? Companies have been hinting that by fall 2021 business should return to a more "normal" level, but we're seeing a jump in gambling activity already. In April, the Las Vegas Strip reported $483.4 million in gambling revenue and it's likely that will continue to rise as COVID-19 infection numbers fall and vaccination rates rise. Las Vegas may already be back and could be better than ever by the end of the year.
Image source: Getty Images.
Source Fool.com
