While everything is pointing towards Las Vegas being on an uptick, and with a future looking brighter by the day, it may be wise to take a step back and look at the numbers. Yes, it is true 2014 saw record performances in conventions, overall tourism numbers, and sports betting, but the fact remains, the 270 Nevada casinos which generated million or more in gaming revenue, reported a collective loss of 3.7 million last year.
That staggering loss was actually cut in half from the previous year, showing that Las Vegas is assuredly rebounding from the crushing recession. In fact, 2014 showed the smallest loss since 2009.
These numbers were pulled from the Nevada State Gaming Control Board’s 2014 Nevada Gaming Abstract, which collects numbers over every imaginable category of casino related revenue. The total revenue numbers look good on paper, as they eclipsed $23.9 billion, topping the $23.1 billion total from 2013.
As the losses continue to shrink, there are in fact some great numbers in 2014 for the Strip to hang its hat on. Total revenue for the 45 properties topped a record $16.31 billion, which includes $4.25 billion for rooms, $2.51 billion for food, $1.2 billion for beverage, and $2.35 billion on “other” revenue. “Other” revenue refers to entertainment, retail, and nightclub categories.
Gaming, on the other hand, while rebounding, is still under-performing years past. The $5.99 billion haul from 2014 was an increase of 4.2 percent from the year prior, but 7.7 percent below the $6.5 billion apex of 2007. According to Michael Lawton, a senior research analyst for the Control Board, said that gaming has also attributed to less than half of the Strip casinos’ revenue every year since 1998.
The casinos handed out $1.5 billion in comps, a number which represents a quarter of total revenue. Other expenses for the Strip resorts included $740.4 million for casino employees, $13.6 million for executives, $195.3 million for employee benefits, and $112.6 million for payroll taxes.
