(The Center Square) – Gaming revenue in Nevada was down 25% last month, the state Gaming Control Board (GCB) announced on Friday.
Nevada’s casinos reported a total “gaming win” — or gaming revenue — of $772 million for the month of February 2021. The state collected over $1.04 billion in February 2020.
When compared to the previous fiscal year, the totals represent an overall revenue decline of 24.6%, the GCB said.
Clark County, home of Las Vegas and the downtown strip, saw significant revenue declines. The Las Vegas Strip itself saw a 41% decline while Laughlin and North Las Vegas saw 30% and 12% declines respectively, according to the state’s data.
Clark County’s overall revenue is still down 29.3% compared to February 2020.
The balance of Clark County posted a 3% revenue increase, the GCB said. Mesquite lead the way with a 5% increase and was the only city in Clark County to report a revenue increase.
Washoe County saw its gaming revenue increase by 3% month-over-month. However, revenues remain nearly 9% below its February 2020 totals. Meanwhile, the county’s balance saw its gaming revenue increase by over 20%.
Tax revenues from gaming decreased significantly year-over-year. Nevada collected just $43.8 million in taxes in March, more than 36% below what the state collected in March 2020.
Gaming taxes are assessed based on gross gaming revenue and are paid by the 15th of each month. Revenues of $50,000 or less are taxed at 3.5%. Revenues between $50,000 and $84,000 are taxed at 4.5%, and any revenues above $134,000 are taxed at 6.75%.
— Robert Davis, The Center Square contributor