Nevada casinos see steep revenue declines in December

(Robert Davis) — Nevada’s gambling revenue saw steep declines in December, according to data from the state’s Gaming Control Board (GCB).

The the state’s casinos reported $683,733,423 in gaming win for Dec. 2020 — down 35% from $1,057,539,090 in Dec. 2019, the agency said in a press release Thursday. Nevada also collected $30 million in percentage fees this month, a 40.38% decrease when compared to Jan. 2020.

Clark County, home to Las Vegas, saw the steepest decline in winnings at $556,961,099, representing a 39.3% decrease. The Las Vegas Strip saw its year-over-year gaming win get cut in half, totaling just $292,016,528.

June proved to be the money month for many casinos based on the state’s collection fee revenue. When compared to the previous fiscal year, the month brought in more than double its fee revenue, totaling $126,178,295, according to GCB. However, four of the preceding six months wrought double-digit declines in percentage fee collections. The worst of all were July and December, which saw a 56.24% and 40.38% decrease, respectively.

The Nevada Gaming Abstract, which GCB released last week, helps paint a picture of how the declines occurred. The 179-page document includes data on revenue casinos made from gaming, rooms, food and beverage, and other sources.

Nevada casinos brought in $18.3 billion during fiscal year 2020, according to the report. That marks a 25% decline in revenue when compared to the prior year, according to The Nevada Independent. To offset these decreases, the industry laid off over 30,000 employees which amounted to a $215 million saving in payroll costs, the report said.

The report contains information about 267 casinos that earned more than $1 million in gaming revenue during the fiscal year ending in June 2020, down from 290 the year before. Meanwhile, revenue in Clark County from food and beverage dropped 20.6%.

“The [report] reinforces what we’ve known all along – that Nevada’s economic engine and largest taxpayer and employment sector has been devastated by the continuing impacts of the pandemic,” Virginia Valentine, president of the Nevada Resort Association, told The Nevada Independent.

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Robert Davis | The Center Square