Gambling Continues Steady Decline As Cash Cow For Nevada CasinosGaming Win Accounts For 42 Percent Of Total Revenue In FY 2017 |
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The Nevada casino industry generated more than $26 billion in total revenue in the most recent fiscal year, Nevada gaming regulators said in a press release. The amount was a new record for America’s gambling hub.
The 2017 report, known as the Nevada Gaming Abstract, contains financial information for the 272 casinos that grossed at least $1 million in gaming revenue in FY 2017, which ended June 30 of last year.
Regulators said that the casinos generated net income of $1.55 billion from total revenues of $26.17 billion, the first time ever total revenues passed the $26-billion mark. The previous fiscal year saw the casinos net $978.95 million on total revenues of $25.23 billion. Total revenue is the money spent by patrons on gaming, rooms, food, beverage and other attractions.
The previous benchmark for total revenue was the $25.25 billion from FY 2007, a year before the Great Recession. The casino industry has slowly but surely recovered since then.
Arguably the most noteworthy piece of data from the report pertains to gambling. Nevada officials said that gaming revenue for the fiscal year was $11.11 billion, which was 42.4 percent of total revenue. That’s an all-time low percentage for the casino industry, according to historical data compiled by the University of Nevada Las Vegas. Back in 1984, the money that the casinos won off of gamblers accounted for 61.9 percent of total revenue. Aside from some exceptions, that percentage has fallen steadily ever since. The previous fiscal year was 42.64 percent.
The Gaming Abstract said that hotel rooms accounted for $6.16 billion (23.6 percent); food sales were $3.89 billion (14.9 percent); beverages brought in $1.8 billion (6.9 percent). The “other” category accounted for $3.2 billion (12.2 percent).
Respectively, revenue from hotel rooms, food and drinks were all records.
According to regulators, 62 casinos owned by public companies accounted for 72.5 percent of the total gaming revenue generated statewide during the fiscal year.
Nevada collected $852.2 in gaming taxes and fees, which was 7.7 percent of the industry’s gaming revenue, according to the press release.
Regulatory data on the casino-hotel industry’s performance for calendar year 2017 will be released in the coming weeks.
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