Nevada largest casinos collected $2.055 billion in net income during the 2019 fiscal year, reversing a net loss of more than $1.168 billion in the previous year, according to a report released Friday by the states’ Gaming Control Board.
The Gaming Abstract, which considered total revenues – gaming and non-gaming – collected by 290 casinos that grossed $1 million or more in gaming revenue in the 12 months that ended on June 30.
The total revenue figure of $24.546 billion was down from total revenues of $27.107 billion in 2018. Gaming revenue accounted for 35.7% of the total revenue figure.
Michael Lawton, the Control Board’s senior research analyst, said the revenue decline was due to the result of “a change made by the Financial Accounting Standards Board (FASB) in recognizing revenue and preparing standard financial statements.”
The casinos paid $892.3 million in gaming taxes and fees, which equated to 10.2% of their gaming revenue, according to the report.
Total revenue is the money spent by customers on gaming, rooms, food, beverage, and other attractions. The net income or net loss is the money retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for extraordinary expenses.
The 2018 net loss was blamed on a 109.2% increase in the other general and administrative expenses category, which included charges for bankruptcy reorganization. Caesars Entertainment was the only casino company to complete a bankruptcy reorganization in the 2018 fiscal year and there weren’t any casino companies in bankruptcy in 2019.
The abstract, which is compiled in a 179-page report, included employee numbers, room occupancy rates, revenue per available room (RevPar), and the gaming revenue earned per-square-foot of casino floor space, among other measurements.
The 169 large casinos in southern Nevada’s Clark County, which includes Las Vegas, reported net income of $1.88 billion from revenues of $21.9 billion.
Las Vegas Strip casinos had a net income of $1.045 billion on total revenue of $16.5 billion, 27% of which came from gaming. Downtown Las Vegas casinos saw net income of $179.2 million on total revenues of $1.22 billion, 46.5% of which came from gaming.
In Northern Nevada’s Washoe County, which includes Reno, 34 casinos reported $128.3 million in net income from revenues of $1.45 billion, 42% of which came from gaming.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
