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Tag: Nevada

  • Nevada: Circa Sports Opens New Retail Sportsbook in Sparks

    Nevada: Circa Sports Opens New Retail Sportsbook in Sparks

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    Circa Sports, the Las Vegas-based sports betting operator, expanded its presence further by opening its newest sportsbook in Northern Nevada.

    Circa Sports Opens New Sportsbook at Legends Bay Casino

    The new Circa Sports venue is at Olympia Gaming’s new Legends Bay Casino, located in Sparks, Nevada. The sportsbook offers 60-inch TVs, as well as comfortable seats with power outlets and can fit approximately 140 visitors. What’s more, the sportsbook features a big 10-foot by 15-foot video board on which visitors can see live odds. Circa Sports’ new location is open daily with working hours set between 8 AM and 10 PM.

    “This is a momentous occasion for Northern Nevada. Derek Stevens and his team at Circa Sports have been excellent partners in helping us deliver a sports betting offering worthy of this property.”

    Garry Goett, CEO and chairman of Olympia Companies

    Garry Goett, Olympia Companies’ CEO and chairman, revealed that the opening of the new Circa Sports outlet marks an important moment for northern Nevada. Moreover, he pointed out that Circa’s CEO, Derek Stevens, and the company’s dedicated team of professionals proved to be good partners. In conclusion, Goett said: “We look forward to ushering in a new era for Sparks together.”

    The Company Is Excited to Open a New Location

    Circa Sports’ CEO, Derek Stevens, added that the company is excited to welcome guests to its new sportsbook located at Legends Bay Casino. He explained that the recent launch of the retail location further expands the company’s presence in Northern Nevada. According to Stevens, visitors of the new sportsbook can benefit from accessing the best odds in the country.

    “We are thrilled to welcome guests to our Circa Sports sportsbook at Legends Bay and expand our offerings to northern Nevada.”

    Derek Stevens, CEO at Circa Sports

    Besides best odds, visitors of the new venue can also benefit from the highest limits and also choose to wager on some of the biggest contests including the Survivor Pro Football Contest and Circa Sports Million, which offer a combined $12 million in prizes.

    Tonight, we’re also celebrating the grand opening of Circa Sports Sportsbook inside the Legends Bay Casino! Thanks to @DerekJStevens for bringing his gaming and sports betting know-how from Las Vegas up to Sparks – we can’t wait to see the continued success of this industry. pic.twitter.com/3xw62b9iiS

    — Governor Sisolak (@GovSisolak) August 31, 2022

    The opening ceremony attracted gaming executives, politicians and guests from northern and southern Nevada. Among the guests was Governor Steve Sisolak. Sharing his excitement, he thanked Circa Sports’ CEO for “bringing his gaming and sports betting know-how from Las Vegas to Sparks.”

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  • July Gaming Win for Operators in Nevada Hits $1.3B

    July Gaming Win for Operators in Nevada Hits $1.3B

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    Gaming operators in Nevada reported strong revenue for July, judging by details released by the gambling regulator.

    NGCB Unveils Financial Results for July

    On Tuesday, the Nevada Gaming Control Board (NGCB) released the financial results for licensed operators showing that the gaming win in July hit $1.3 billion. Although this was a strong result which marks the 17th month in a row with gaming win above $1 billion, a year-over-year comparison for the same period shows a slight 3.2% decrease. Despite the slight decrease when compared year-over-year, the gaming win last month increased when compared to the pre-pandemic period. In July 2019, the gaming win halted at $1 billion, while back in July 2018, it hit $995 million.

    A breakdown of the results shows that the gaming win for Clark County operators hit $1.1 billion last month. When compared to the $1.2 billion reported for the same period in 2021, a slight decrease of 3.3% is observed. What’s more, the gaming revenue this July did not surpass the $860 million reported for pre-pandemic July 2019.

    Downtown Operators’ Revenue Plummets

    The NGCB provided a further breakdown of the gaming win reported by Clark County operators. Not unexpectedly, Las Vegas Strip operators reported the highest gaming win last month. In total, the gaming win for Strip operators was $773.4 million, down 2.4% when compared to the $792.6 million reported for July last year. Although July was a strong month for Strip operators, this was not the case for Downtown operators. Last month, the gaming win reported by Downtown gambling venues was $60 million, down 15.6% when compared to July 2021.

    Operators located within North Las Vegas reported $24.6 million in gaming win, marking nearly a 4% decrease when compared to the same period last year. On the bright side, Boulder Strip operators saw $72.7 million in gaming win last month. When compared to July last year, this result marked a 3.6% increase.

    Gaming licensees located within Washoe County reported $94.8 million in gaming win for July. That result marked a slight 5.3% decrease when compared to the $100 million in gaming win reported for the same period in 2021. South Lake Tahoe operators reported $31.8 million in gaming win last month, while Elko County’s gaming win increased to $36 million.

    According to the NGCB, the state collected $90.4 million in taxes based on the taxable revenues generated by gambling operators in July 2022. When compared to the $97.7 million in taxes collected in July 2021, a decrease of $7.3 million or 7.48% is observed.

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  • Nevada Players Leave $22m in Unclaimed Vouchers in FY22

    Nevada Players Leave $22m in Unclaimed Vouchers in FY22

    Casino players in Nevada left $22 million in unclaimed cashout tickets in the fiscal year that ended June 30, 2022, to expire, according to official data from the Nevada Gaming Control Board (NGCB).

    Reluctant to Cash out Cents

    The data released by the NGCB showing that both the State of Nevada and casino operators make extra cash from player winnings sparked a debate around the appropriateness of cashout vouchers and why the revenue from unclaimed player winnings has been constantly on the rise since 2012.

    The voucher issue arises when a casino patron cashes out its winnings from a slot machine and the winning amount is not round to the dollar but also includes cents, and then goes to cash out at a machine and only receives the dollar amount in cash while for the remaining cents receives a cashout voucher.

    According to Nevada law that was passed in 2011, the state is entitled to collect 75% of any expired wagering voucher while the remaining 25% is kept by the casino licensee. And any cashout voucher in Nevada that is unclaimed within 180 days is deemed as expired.

    For comparison, in New Jersey and Pennsylvania unclaimed vouchers expire after one and three years, respectively, while in other states, casino vouchers do not expire at all.

    In 2012, the state reported revenue of $2.1 million on $4.2 million of unclaimed vouchers, and this revenue has been constantly rising ever since to reach $10.4 million in 2019.

    During the pandemic, unclaimed voucher revenue declined bus as soon as restrictions were lifted and casino visitation numbers started to increase, unclaimed voucher revenue picked up again, jumping by 59% to $16.5 million in 2022, leaving casinos with roughly $5.5 million in extra revenue.

    Reasons Remain Vague

    Some argue that the reason for the ever-increasing amounts from unclaimed vouchers is that the ATMs do not dispense coins but then players can receive the coins at the cage, provided that they bother to go and cash out there.

    Players, on the other side, who would rather leave their less-than-dollar value vouchers to expire than wait in line at the cage to cash out cents, believe that the practice of issuing cashout vouchers is irritating and ATMs should also dispense coins.

    Industry observers and stakeholders point to reasons like limited coin operations for casinos due to the decreasing amount of coins in circulations during the pandemic or the change in the law which expanded the source of expired vouchers from slots to include some advanced table games and some sports wagering scenarios, while state regulators just shrug their shoulders as they are not entitled to collect such data from incumbents. And while some players are reluctant to wait in line to cash out cents, casinos such as Cosmopolitan, M Resort and Wynn Las Vegas allow them to donate their cashout vouchers to charities. Others like Caesars Palace and Flamingo donate unwanted change to Meals on Wheels.

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