Wednesday, January 19, 2022

Nevada casino data: Jobs lost, revenue slashed amid pandemic | Nation World News

LAS VEGAS ( Associated Press) – The economic impact of the coronavirus pandemic emerged clearly in an annual report showing reduction in staff at Nevada’s largest casino and anemic revenue during the 12 months following statewide casino closures in 2020.

The Nevada Gaming Control Board’s annual Nevada Gaming Abstract, released Thursday, said 302 casinos across the state generated more than $1 million in gambling revenue, with a loss of $206.4 million in the past 12 months ending June 30. That compared to net income of about $2.9 billion, reaching 267. Casino in fiscal year 2020. ,

The report said that the average number of employees declined by 18% from around 136,000 to around 111,500 during the reporting period of FY21.

All casinos and many other businesses across the state were closed from mid-March to early June 2020. Most have now reopened.

The data showed gambling returned faster than other resort services, including conferences, live entertainment and nightclubs.

“The pandemic-related restrictions have severely impacted revenue across all departments with the exception of the casino department,” said Michael Lawton, senior analyst on the board., He said most of the lost jobs were in hotel operations and food and beverages, rather than casino floors.

He said 24,520 employees lost their jobs, of which 20,578 were in non-gambling departments.

The Gaming Abstract includes line-item information about Nevada’s largest casinos, ranging from average number of employees by department to revenue per room and gambling revenue per square foot of casino space.

The report states that 302 casinos paid $802 million in gambling taxes and fees, equivalent to 9.5% of their gambling revenue. A year ago, 267 casinos paid the state $694 million, or about 10.3% of their gambling revenue.

In Clark County, home of the Las Vegas Strip, 173 casinos meeting the $1 million threshold reported a combined net loss of $742.5 million in the 12-month period ending last summer.

“Strip lags behind other submarkets across the state,” Lawton said, due to its reliance on multiple market segments, including international travelers, convention attendees and (domestic airline) customers.

Over the past 10 years, Stripe gambling revenue has made up an average of about 54% of statewide gambling revenue, the board analyst said. This has come down to 42.4% for FY21.

According to the report, in Washoe County, 36 casinos reported combined net income of $275 million. Eighteen casinos in Elko County are worth $132 million.

Essence said the 53 casinos owned by public companies accounted for about 65% of the total gambling revenue generated across the state during the financial year.

Rooms, food, beverage and other non-gambling departments accounted for 47.6% of total revenue across the state, up from 63.2% last year.

“Pandemic-related restrictions that limited restaurants, bars, entertainment offerings including showrooms, concerts, special events and nightclubs all played a large role in the reduction,” Lawton said. “Additionally, a lack of international travellers, conference attendees and a sluggish ramp-up for leisure travel contributed to these results.”

Nearly 550,000 people have been diagnosed with COVID-19 and 8,627 have died in Nevada since the pandemic began in mid-March 2020, according to state health officials.

Governor Steve Sisolak called for emergency powers to allow businesses to close and reopen in a phased manner and to require people to wear masks in public buildings and shops. The mask mandate remains in place.

Compared to year-over-year, non-gambling revenue decreased by $3.9 billion, or 33.9%, he said.


Nation World News Desk
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