Las Vegas Casinos Experience Steep Revenue Decline In First Month Back Since ShutdownStrip Casinos Down 61%, While Statewide Gambling Revenue Drops 45% |
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In the first month that brick-and-mortar gambling returned to the Silver State since the coronavirus-induced shutdown, Nevada casinos experienced a 45.5 percent drop in revenue.
According to numbers released by the Nevada Gaming Control Board, the state’s gross gaming revenue in June was $566.8 million. Gov. Steve Sisolak allowed casinos to resume operations, with several restrictions in place, June 4. It was the first time casinos were operational since Sisolak ordered them closed in mid-March.
It was a stark drop from the $1.04 billion that casinos won from gamblers in June 2019 but is a welcome sight to operators and employees alike compared to the mere $5.8 million won by casinos in May and $3.6 million in April. Both April and May’s numbers represented a greater than 99 percent revenue decline year-over-year.
Despite making up the largest chunk of the state’s gambling revenue, the Las Vegas Strip experienced the largest percentage drop over anywhere else in the state. The area is more reliant on tourism than other parts of the state and the absence of large mid-week conventions has clearly hurt the Strip casinos.
Strip casinos won $238.3 million from gamblers, a 61.36 percent decrease from the same period last year. Downtown Las Vegas, likely the second-largest tourist reliant area in Nevada, won $23.2 million, good for a 55.56 percent drop. Clark County was down 51.36 percent with its $441 million in earnings.
Outside of Clark County, casinos experienced much smaller drops in revenue as those areas are more reliant on locals and less so on out-of-town visitors. Both North and South Lake Tahoe saw revenues fall more than 20 percent, but every other region saw just single digit percentage dips.
With a drop in business revenue comes a decrease in tax revenue as well. The state collected just $344,027 in gambling taxes, compared to $56.5 million for this period last year.
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