With 2014 in the books, Washoe County is hoping to build off the success and ride the momentum into 2015. The Nevada Gaming Abstract 2014 released a figure of .3 in profit for the county, which parallels overall economic recovery in the area. The findings were for casinos with million or more in gross gaming revenue.
There has been plenty to be happy about in the region, with Tesla Motors announcement of a $5 billion battery gigafactory, which will cover 105,000 acres and provide 6,500 jobs over the upcoming years.
Even with optimism as high as one would expect, people are still urging caution on the future. Ken Adams, a Reno gaming analyst, said, “All those people working east of town, and no new [gaming] competition in the near future.” He added, “Somewhere, there has to be a bottom, and we hope we’ve reached that bottom.” According to Adams, this is in fact the best position the area has been in for nearly 20 years.
One of the big contributors to the Reno economy has been bowling tournaments. The U.S. Bowling Congress tournaments brings in thousands of bowlers annually along with millions in revenue. Ferenc Szony, CEO of Truckee Gaming, the operator of Sands Regency Casino Hotel in downtown Reno, said, “We’re starting to see California rebound, and that helps us. The vast majority of our visitation is California and the bowlers.”
Washoe County has suffered since the turn of the millennium, with the plethora of Indian casinos and later the recession hurting it. Michael Lawton, senior research analyst at the Gaming Control Board, said the upward trend shows the region, and the state, adjusting to the times. This is particularly clear with how much non-gaming revenue contributes to the total numbers.
Gaming revenue in 2014 only accounted for 51.9 percent of the total, down from 52.5 in 2013. Since Washoe started collecting county-level data in 1990, the highest percentage of gaming revenue was 61.5 percent, in 1992. Lawton points to local and statewide casino operators evolving, and relying less on gambling due to increased competition all over. “Gaming is everywhere now, it’s ubiquitous,” Lawton said. “So non-gaming revenue is growing faster than the gaming side.”
The $30.3 million profit from 2014 marked a 4,112 percent increase from 2013, when a profit of just $719,420 came in, and broke a string of four straight years of losses. The profit was spread out over every area as well. Gaming revenue was up $10 million, room revenue was up $4.9 million, food was up $11.7 million, and beverage was up $2.2 million.
