County approves rent credit to Michael Gaughan for airport slots

19 June 2013

By Tim O'Reiley

LAS VEGAS -- The Clark County Commission approved without comment on Tuesday a 70 percent rent credit to Michael Gaughan to bring in a new generation of slot machines at McCarran International Airport.

Under the current concession, McCarran collects 86.5 percent of the net revenues from the slots, making Gaughan the largest single contributor to the airport funding after the airlines. During the year ended June 30, 2012, gaming fees amounted to $25.7 million out of $355.4 million in total operating revenues.

The rent credit amounts to 70 percent of the monthly leases or purchase cost of new hardware titled to Michael J. Gaughan Airport Slot Concession Inc. A county document outlining the terms stated that the credit was paired with Gaughan’s "wishes to make significant capital improvements to the equipment."