— Room revenue of $4.7 billion decreased 26.8 percent or $1.728 billion. That ended a streak of nine consecutive increases and all-time records set in six consecutive years.
— Food revenue of $3.127 billion decreased 25.9 percent or $1.091 billion. That ended a streak of six consecutive increases and an all-time record set in six consecutive years.
— Beverage revenue of $1.486 billion decreased 28.7 percent or $597.3 million. That ended a streak of 10 consecutive increases and the ninth-straight record amount recorded by the abstract.
For the year, “total revenue” — the amount spent by patrons on gaming, rooms, food, beverage and other attractions — was $18.348 billion and “net income” — the amount retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for extraordinary expenses — was $2.893 billion.
“The significant drop in revenue produces other challenges beyond the operator side of the ledger,” Bussmann said. “Tax revenues across the board impact our local and state governments, affecting services across the state. While it appears these entities may get a bailout, one of the lessons that needs to be learned is the need for diversification not just within the industry but in other aspects of the economy, especially here in Southern Nevada.”
Compared with the 2019 fiscal year, total revenue was $24.546 billion and net revenue was $2.056 billion.
Gaming revenue accounted for $6.747 billion or 36.8 percent of total revenue. Those 267 casinos paid $694 million in gaming taxes and fees, equating to 10.3 percent of their gaming revenue.
On a county-by-county basis, Clark County had 157 casinos grossing $1 million or more in gaming revenue during the 2020 fiscal year, which generated combined net income of $2,912 billion from total revenue of $16,298 billion.
Information Source-Las Vegas Review Journal
0
To remove first post, remove entire topic.
— Room revenue of $4.7 billion decreased 26.8 percent or $1.728 billion. That ended a streak of nine consecutive increases and all-time records set in six consecutive years.
— Food revenue of $3.127 billion decreased 25.9 percent or $1.091 billion. That ended a streak of six consecutive increases and an all-time record set in six consecutive years.
— Beverage revenue of $1.486 billion decreased 28.7 percent or $597.3 million. That ended a streak of 10 consecutive increases and the ninth-straight record amount recorded by the abstract.
For the year, “total revenue” — the amount spent by patrons on gaming, rooms, food, beverage and other attractions — was $18.348 billion and “net income” — the amount retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for extraordinary expenses — was $2.893 billion.
“The significant drop in revenue produces other challenges beyond the operator side of the ledger,” Bussmann said. “Tax revenues across the board impact our local and state governments, affecting services across the state. While it appears these entities may get a bailout, one of the lessons that needs to be learned is the need for diversification not just within the industry but in other aspects of the economy, especially here in Southern Nevada.”
Compared with the 2019 fiscal year, total revenue was $24.546 billion and net revenue was $2.056 billion.
Gaming revenue accounted for $6.747 billion or 36.8 percent of total revenue. Those 267 casinos paid $694 million in gaming taxes and fees, equating to 10.3 percent of their gaming revenue.
On a county-by-county basis, Clark County had 157 casinos grossing $1 million or more in gaming revenue during the 2020 fiscal year, which generated combined net income of $2,912 billion from total revenue of $16,298 billion.
If these casinos did not have access to cheap financing most would not have survived. Circus and likely Wynn would have gone under and for sure their debt would have crashed given the drop with the leverage so many of them carry.
0
If these casinos did not have access to cheap financing most would not have survived. Circus and likely Wynn would have gone under and for sure their debt would have crashed given the drop with the leverage so many of them carry.
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on
this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide
any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in
your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner
of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.
Hot Forum Topics
