Las Vegas Strip pulls state to high profits despite early days of pandemic

Local News

LAS VEGAS (KLAS) — Nevada casinos made $2.89 billion in the fiscal year that started in July 2019 and ended June 30, 2020 — about three and a half months after resorts shut down in the COVID-19 pandemic.

And the Las Vegas Strip accounted for nearly all the profit, pulling in $2.74 billion, according to the Nevada Gaming Control Board’s Nevada Gaming Abstract — 2020.

When casinos slashed jobs and closed their doors in mid-March, they preserved their bottom line as the fiscal year neared its end. And corporate earning reports since then have shown that deep cuts in jobs and expenses have kept casinos profitable after they began reopening in June.

The year-to-year comparisons are astonishing, with the Las Vegas Strip reporting net income 162.1% higher than the previous year — even as total revenue dipped by more than 26%.

Net income statewide was $2.89 billion from total revenues of $18.34 billion, compared to the previous year’s $2.05 billion on total revenues of $24.54 billion.

But even with lower revenues, Las Vegas Strip casinos found a way to produce more profits.

Gaming revenue accounted for more than a third — 36.8% — of total revenue. Casinos included in the abstract paid $693,999,763 in gaming taxes and fees, equating to 10.3% of their gaming revenue.

The strength of the Strip and other Las Vegas casinos overshadowed losses in South Lake Tahoe ($65.8 million) and Laughlin ($13 million), bringing state profits to a 40.7% increase over the previous year.

The yearly abstract summarizes the profits of 267 Nevada casinos that grossed $1 million or more in gaming revenue, and 157 of those casinos are in Clark County.

The Gaming Control Board said 61 casinos owned by public companies accounted for 71% of the total gaming revenue generated statewide during the fiscal year. The 61 casinos were properties owned by Boyd Gaming, Caesars Entertainment, Eldorado Resorts, Golden Entertainment, Las Vegas Sands, MGM Resorts International, Monarch Casino & Resort, Penn National Gaming, Red Rock Resorts, William Hill and Wynn Resorts.

See the full abstract here:

Nevada Gaming Abstract 2020

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