Las Vegas Strip Casino Workers Receiving 'Historic Low' Share Of Industry Revenue: UNLVPayroll Accounts For 30 Percent Of Strip's Total Revenue |
|
Las Vegas Strip casinos generated a record $17.76 billion in total revenue last year, but the nearly 100,000 workers on the state’s main casino corridor took in an all-time low share of the revenue, according to the UNLV Center for Gaming Research.
According to an infographic released this week, payroll across all departments was 30 percent of the revenue, or about $5.4 billion. According to UNLV, that percentage is an “historic low.”
According to additional data on the Center’s website, Strip casinos enjoyed an all-time high $180,000 in revenue per employee last year. The revenue-per-employee figure has increased every year since 2010, after falling during the Great Recession. On average, each employee costs the casinos about $54,000, down from the all-time high of $55,000 set in 2016.
The $180,000 figure is considered a measure of how productive the casino workers are. In other words, Strip casino works as a whole have never been more productive.
There are about 30,000 more casino workers today than there were in 1990, which is the furthest back the data goes. In 1990, roughly 68,000 casino workers took in 36.1 percent of revenue, the watermark for payroll as share of revenue. That share is down 16 percent since 1990, UNLV said.
The $5.4 billion in payroll costs last year were a nearly 280 percent increase since 1990. The Las Vegas Strip has nine more casinos than it did nearly three decades ago.
“The past 25 years have seen tremendous growth on the Las Vegas Strip. Revenues have increased tremendously, as have labor costs,” said an executive summary for UNLV’s Las Vegas Strip employment data. “Yet, in general, increases in revenue have outpaced increases in payroll: casino resort employees produced proportionally more revenue now than they did in the past, both in absolute terms and as a ratio of payroll to revenues.”
Of course, many Strip casino workers earn tips, especially in the gaming and food/beverage departments. There’s no data available on tip income.
The Las Vegas Strip is set to receive a big boost once the Raiders are playing their home games in Sin City. According to a Nevada report, a NFL team in Las Vegas is expected to bring 400,000 additional people to the city annually and generate $620 million in annual economic activity. The state estimates that an additional 700,000 hotel stays citywide will result from the stadium.
About 6,000 “permanent” workers with an average salary of about $38,000 are expected to result from the Raiders, the Silver State study found.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
