During 2017, casinos in Nevada generated $26.2 billion in total gambling revenue, breaking a 2007 record set in the Silver State prior to the recession that began in December that year. Last was the second consecutive fiscal year the state’s largest casinos reported a profit, according to a report released by the Nevada Gaming Control Board on Friday.
From the $26.2 billion in total revenue, $1.6 billion was reported by the state’s largest casinos, while income reported from 272 casinos was 59% higher compared with the fiscal year prior, and revenue was up 3.7%.
Nevada Gaming Control Board senior research analyst, Michael Lawton, said, “So, 10 years later, we’ve finally surpassed that FY07 revenue amount, and the key driver of that is your non-gaming revenue,” as reported by the Associated Press.
“Gaming revenue has grown, but it’s still well below the peak,” said Lawton.
Known as the Gaming Abstract, the comprehensive report is published annually and the 2017 report includes data regarding Nevada casinos that have grossed upwards of $1 million in gambling revenue during the fiscal year that ended June 30, 2017.
Addressed in the report are room occupancy rates, number of employees, and gambling revenue per square foot of casino space.
The Gaming Abstract reportedly found that 62 casinos owned by companies that are publically traded were responsible for 72.5% of total gambling revenue. Additionally, the report found that 42.4% of total revenue was attributed to gambling, a slight decrease from the year prior’s 42.6%.
“What that means is that rooms, food, beverage and other, that accounted for 57.6 percent of total revenue, which is the highest combined share ever recorded in the abstract,” Lawton explained.
He said that the last time gaming accounted for more than 50% of the statewide total, was fiscal year 2004.
By far the most populous county in Nevada, Clark County’s largest 161 casinos, which includes Las Vegas, reportedly earned $1.4 billion and generated $23.5 billion in total revenue. On revenue of $1.6 billion, 31 casinos in Washoe County, including Reno, combined for an increase of 126.5 million.
Meanwhile, on revenue of $17.8 billion, casinos on the Las Vegas Strip won $814 million, from which the profit represented a significant 191.4% increase compared with the 3.9% increase of fiscal year 2016.
According to Lawton, it represented the second back-to-back fiscal year that the Strip realized income gains after having seen seven consecutive net losses.
Only 34% of the Strip’s total revenue was attributed to gambling revenue, making last year the 19th consecutive year that gambling revenue made up less than 50% of the overall figure. Lawton explained that that “represents the lowest percentage ever recorded,” according to the Associated Press.
Meanwhile, state Sen. Becky Harris R-Las Vegas has been chosen by Gov. Brian Sandoval to replace former Chairman A.G. Burnett, who stepped down in December, as the first woman to chair the Nevada Gaming Control Board.
Nevada Gaming Abstract released; state sets gambling revenue record 2017 was last modified: January 16th, 2018 by K Morrison