Nevada’s casinos saw revenue fall last year, but profits moved up
By Bob Garcia
COVID-19 hurt Nevada’s casinos, but they still managed to
Despite the general impact that COVID-19 had towards the casinos, in Nevada the profit was larger in their most recent fiscal year, not quite the same case for the revenue, which fall. The Nevada Gaming Control Board shared a report showing the combined gaming revenue generated by the state’s largest casino operators.
Casinos in Nevada reported fiscal year 2020 combined revenue of $18.35 billion in the 12 months ending June 30, 2020. This is about 25% lower than what they reported for the prior period. Overall, the fiscal year 2020 reported total gaming revenue of $6.75 billion, which was down $2 billion from fiscal year 2019. However, this total gaming revenue accounted for 36.8% of the overall revenue, a year-on-year increase of 1.1%. All areas were affected by COVID-19, with dining off by 25.4% to $3.13 billion, beverages down 28.3% to $1.4 billion and rooms down nearly 27% to $4.72 billion.
When the pandemic started hitting hard over the state of Nevada, the casinos were shut for 78 days, and, even after June 4, when they were allowed to open back again, a lot of restrictions were placed to control their gaming floor capacity, while some other non-gaming amenities remained under lockdown.
Nothing has changed now, as the casinos are still having a hard time since their pandemic restart. Nevada Governor Steve Sisolak cut their 50% capacity in half last November after the second wave of COVID-19 infection hit the state. Thanks to this, gaming revenue fell once again, despite a good record shown by Nevada’s sportsbooks in that same month