Largest Nevada casinos earn $1.6B during fiscal year 2017
LAS VEGAS (AP) — Nevada’s largest casinos turned a profit for the second fiscal year in a row and finally broke the revenue record set in 2007 before the recession affected the operators’ books, according to a state report released Friday.
The largest casinos in the state reported income of $1.6 billion from total revenue of $26.2 billion during the fiscal year that ended June 30, data from the Nevada Gaming Control Board show. The reported income from 272 casinos was 59 percent higher compared with the previous fiscal year, while revenue was up 3.7 percent.
“So, 10 years later, we’ve finally surpassed that FY07 revenue amount, and the key driver of that is your non-gaming revenue,” said Michael Lawton, senior research analyst for the board. “Gaming revenue has grown, but it’s still well below the peak.”
The comprehensive annual report known as the Gaming Abstract includes data about Nevada casinos that grossed $1 million or more in gambling revenue. It addresses number of employees, room occupancy rates and gambling revenue per square foot of casino space.
The report found that 72.5 percent of total gambling revenue came from 62 casinos owned by publicly traded companies.
Gambling accounted for 42.4 percent of total revenue, down slightly from last year’s 42.6 percent.
“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 said. Fiscal year 2004 “was the last time gaming accounted for greater than 50 percent of the statewide total.”
Lawton said gambling revenue has increased six of the last seven years, reaching $11.1 billion in 2017, but it remains 11 percent below 2007 levels.
The casinos paid $852.2 million in gambling taxes and fees. That’s 7.7 percent of their gambling revenue.
The largest 161 casinos in Clark County, which is Nevada’s most populous and includes Las Vegas, earned $1.4 billion and generated $23.5 billion in total revenue. In Washoe County, which includes Reno, 31 casinos combined to gain $126.5 million on revenue of $1.6 billion.
On the Las Vegas Strip, casinos won $814 million on revenue of $17.8 billion. The profit represented a 191.4 percent increase compared with fiscal year 2016, while revenue was up 3.9 percent.
Lawton said it was the second consecutive fiscal year that the Strip saw income gains after a streak of seven consecutive net losses.
Gambling revenue accounted for only 34 percent of the Strip’s total revenue, marking the 19th year in a row that gambling revenue has made up less than 50 percent of the overall figure.
“It represents the lowest percentage ever recorded,” he said.
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