The Nevada gaming control board confirmed that Las Vegas strip casinos have reportedly witnessed an overall reduction in revenue by 32.5%, and gambling revenue dipped by 1.77 in November this year compared to November 2019.
According to Michael Lawton, a senior research analyst for the control board, the revenues nose-dived due to the lock-down between March and June. Although casinos went live from 4th June onwards, revenues took a hit by 25.8% compared to June of last year.
As per the reports, Vegas strip casinos have experienced a decrease in profit by 40.8%. This decrease forms an 87.1 % revenue reduction of the whole state. The revenue, excluding the strip clubs, has noticed a reduction of 7.4% year-over-year since June.
Reports suggest that even if the casinos and Strip clubs’ revenues have gone down, the Downtown Las Vegas gambling revenues have managed to stay afloat with an increase in gambling revenue by 1.7% in November if compared with November 2019 figures. However, the downtown Las Vegas casinos have experienced a flat 17.4 reduction in revenue in the year 2020, states the report.
The reports state that the state recorded a reduction in gaming win by 39.6 in March, 99.6% in April, 99.4 % in May, 45.5 % in June (when casinos were re-opened), 26.1 % in July, 22% in August, 22.4% in September, 19.5 % in October and 18 % in November. Although revenues have reduced, the industry is gearing up for recovery since the re-opening of casinos in June.
As per the reports, ironically, $50 million was collected as gaming tax in November this year for the entire fiscal year, which is a whopping 16% increase compared to last year.