Nevada casinos enjoyed a serious surge in profitability in their most recent fiscal year, despite only modest gains in revenue over that period. The Nevada Gaming Control Board (NGCB) released its annual Gaming Abstract, which covers the performance of the 272 casinos in the state that grossed $1m or more in gaming revenue in the 12 months ending June 30, 2017.
This disparity was significantly more pronounced at casinos on the Las Vegas Strip, which saw revenue rise 3.9% to $17.7b while profits leaped 191.4% to $814m. Downtown Las Vegas casinos got in on the action, with revenue up 10.3% to $1.2b and profits up 111.3% to $110.3m.
The statewide revenue total finally exceeded the previous record set in pre-recession 2007. Gaming revenue increased 3.2% to $11.1b but gaming’s share of overall revenue shrunk slightly to 42.4%. Strip casinos reported only 34% of their overall revenue coming from gaming, the lowest percentage to date.
Gaming Control Board Analyst Mike Lawton said that is a 59 percent jump from the $979 million those casinos netted in the year before. He said after seven consecutive net losses during the recession, the 272 resorts with gaming revenues of more than $1 million a year have now recorded two consecutive years of positive income.
Other facts from the 2017 abstract:
• Nevada’s 272 casinos grossing $1 million or more in gaming revenue earned $1,557,358,386 in net revenue from total revenues of $26,174,699,272.
• They paid $852,200,434 in gaming taxes and fees to the state, or 7.7 percent of their revenue from gaming.
• Clark County’s 161 casinos (also grossing $1 million or more in gaming revenue) generated combined net income of $1,326,821,660 from total revenues of $23,472,870,573.
• Washoe County’s 32 casinos reported net income of $126,416,011 from total revenues of $1,549,332,369.
• Elko County had 19 casinos with $49,151,104 in combined net income.
• South Shore Lake Tahoe in Douglas County had 5 licensees reporting net income of $27,238,718.
• Carson Valley Area’s 15 casinos generated net income of $11,420,606.
• The rest of Nevada’s 40 casinos earned $16,310,287 in combined net income.
Source: GMB
