How much tax revenue has Nevada lost due to casinos closing for COVID-19?
It’s a moving target, because we don’t yet know when the casinos are going to reopen. They’ve been closed since March 17 and could reopen as soon as tomorrow or perhaps as late as the end of June; it's different for the various casino companies. Some might not reopen at all. The Lakeside at Stateline (Lake Tahoe) was an early casualty and the Rampart in Summerlin seems to be heading in that direction.
But to give you some idea of how much money we’re talking about, gaming tax collections for April 2020 will be $0. In Fiscal Year 2019 it was $919.5 million for the entire year. That translates to $2.5 million per day, according to Nevada Gaming Control Board Senior Research Analyst Michael Lawton. So last month alone represents a $90 million hole in Fiscal Year 2020. During the truncated March, casinos in the state generated $37.1 million in gaming taxes for the state, a 53.6% drop-off from the previous year, when just under $80 million was collected.
The lack of gaming taxes isn't the only drain. In FY19, Nevada collected $105.6 million in entertainment taxes, $10.4 million in non-restricted-slot taxes, $8.3 million in restricted-slot taxes, and $36.4 million in miscellaneous gaming levies, all part of the $919.5 million overall haul. The vast majority of that ($875.5 million) went to the General Fund, with the remainder dedicated to education.
Needless to say, those cupboards are going to be a good deal barer in the next state budget. And to underscore the importance of Las Vegas, 86% of gaming-tax dollars derive from Clark County. So as Vegas goes, so goes Nevada — and right now it’s not going at all well.
|
David
May-22-2020
|
|
rokgpsman
May-22-2020
|
|
jeepbeer
May-22-2020
|
|
Ray
May-22-2020
|
|
Kevin Lewis
May-22-2020
|
|
rokgpsman
May-23-2020
|