Nevada Gaming Abstract shows Strip profits rose in FY ’20 despite declining revenue
The Nevada Gaming Control Board released its Gaming Abstract 2020, which shows revenue at the state’s largest casinos fell more than $7.2bn, or 25%, between fiscal year 2019 and 2020.
The 179-page report covers the fiscal year beginning July 1, 2019 and ending June, 30, 2020.
The figures take into account the 78 days that Nevada casinos were shut down between mid-March through early-June of 2020.
The Gaming Abstract includes 267 casinos which generated at least $1m in revenue for the FY. Total revenue counts money spent on gaming, lodging, food and beverages and other attractions.
Gaming revenue made up $6.7bn of business, or approximately 37%, of all money spent at reported casinos.
Clark County was responsible for 157 of the casinos in the Gaming Abstract, and those properties produced $2.9bn of the state’s gaming revenue for the fiscal year.
While revenue fell across the state, net profits rose to $2.9bn, with $2.7bn of that profit coming from Las Vegas Strip casinos. Strip net profits were up 161% year-on-year, despite revenue falling nearly 27%.
Mass furloughs and layoffs and other cost-cutting strategies allowed for Strip earnings to grow even as the Covid-19 pandemic disrupted profits for the rest of the state.
Washoe County reported revenue of $1.2bn, down 19% y-o-y, while net income there fell 83% to $21m. A similar story played out in Reno/Sparks, where revenue hit $1bn for a loss of 20%, and net income dropped 88% to $13m.
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