The numbers are in and fiscal year 2021 was a net loss for Nevada’s largest casinos.
According to an annual report from the Nevada Gaming Control Board called the Nevada Gaming Abstract, Silver State casinos that generated $1 million or more in gaming revenue during the fiscal year ended June 30, 2021, had a combined net loss of $206.43 million.
That loss was off $16.12 billion in total revenue.
Total revenue is just what it sounds like. It is the money spent by casino patrons on gaming, rooms, food, beverage, and other attractions. Gaming revenue accounted for $8.45 billion or 52.4% of total revenue.
The results compare unfavorably to Fiscal Year 2020, which ended June 2020, when net income of $2.89 billion was had on total revenue of $18.34 billion.
Net income/loss is the money retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for “extraordinary expenses”.
Clark County, home to Las Vegas, had 173 casinos grossing $1 million or more in gaming revenue during FY 2021. These properties generated a combined net loss of $742.54 million from total revenue of $13.62 billion.
The 302 casinos paid $802.31 million in gaming taxes and fees, equating to 9.5% of their gaming revenue, according to the Nevada Gaming Control Board.
A total of 53 casinos in the state were owned by publicly-trade firms in FY 2021. These casinos, the largest of their kind in the state, generated 65% of the total gaming revenue of $8.45 billion.