A total of 302 gaming licensees in Nevada grossed $1 million or more in gaming revenue during the fiscal year ended June 30, 2021, the Nevada Gaming Control Board announced on Thursday. The figures correspond to the Nevada Gaming Abstract, a report of combined financial information from the state’s gaming industry.
During FY2021, together, these casinos generated a net loss of $206.4 million from total revenues of $16.1 billion. These results compare unfavorably to FY2020, when a net income of $2.9 billion was recorded on total revenues of $18.3 billion, explains the Gaming Control Board. A net income/loss represents money retained by casinos after expenses have been paid, but prior to deducting federal income taxes and prior to accounting for extraordinary expenses.
Gaming revenue accounts for $8.4 billion, or 52.4%, of total revenue posted by the venues, which is the money spent by patrons on gaming, rooms, food, beverage, and other attractions. These 302 casinos paid $802.3 million in gaming taxes and fees, equating to 9.5% of their gaming revenue, the report finds.
On a county-by-county basis, Clark County had a total of 173 casinos grossing $1 million or more in gaming revenue during the fiscal year, which generated a combined net loss of $742.5 million from total revenues of $13.6 billion.
Washoe County followed with 36 casinos above the $1 million mark, which combined reported a net income of $275.3 million from total revenues of $1.3 billion. Meanwhile, Elko County had 18 casinos with $132.2 million in combined net income.
South Shore Lake Tahoe in Douglas County had 7 licensees reporting a net income of $24.4 million, while Carson Valley Area saw a total of 15 casinos generating a net income of $37.4 million.
The balance of the state had 53 casinos earning $66.8 million in combined net income. In fiscal year 2021, 53 casinos in Nevada owned by public companies accounted for 64.9% of the total gaming revenue generated statewide.
One of the biggest takeaways from the newly issued report is that, while gaming revenue in the state increased about 25% during the fiscal year, comprising a high percentage of total revenue, the lack of many amenities amidst pandemic restrictions resulted in a marked profit loss for Nevada casinos.
Non-gaming revenues, comprising rooms, food, beverage, and other departments, accounted for 47.6% of total revenue. This figure was down from last fiscal year’s 63.2%, proving the impact experienced by non-gaming revenues, which decreased $3.9 billion in FY2021.
This noticeable impact on non-gaming revenues has been credited to pandemic-related restrictions and limitations imposed on restaurants, bars and entertainment offerings, but also a lack of international travelers and convention attendees.
Original article: https://www.yogonet.com/international/news/2022/01/14/60942-nevada-casinos-post–206m-net-loss-in-fy21-nongaming-revenue-slumps-amid-restrictions
