US – Nevada’s casinos post profit for first time since the recessionBy Phil - 16 January 2017
Nevada’s biggest casinos posted a profit in fiscal 2016 for the first time in eight years with non-gaming revenues helping drive the increase.
Figures released by the Nevada Gaming Control Board as part of its Gaming Abstract showed that the 273 casinos that earned more than $1m in revenue in the 12 months ending June 30, 2016 generated income of $979m against a net loss of $662m in 2015.
Revenues across the state were up to $25.2bn from $24.6b in 2015. The all time best revenue was generated in 2007 when the combined total was $25.3bn.
Gambling revenues on the Strip accounted for 34.2 per cent of the total which was the lowest percentage ever and a fall from 34.9 per cent in 2015. In 1990 gambling accounted for 58 per cent of the total.
Gaming board analyst Michael Lawton said:”It’s been a long road to get back in the black. It’s good not only because it’s net income for the first time, but because it’s net income in all areas across the board.”
The Gaming Abstract is an annual report that includes more than 200 pages of data about 273 casinos in the state that earned $1m or more in gambling revenues. The report found that 70 casinos in Nevada accounted for 78 per cent of the State’s total.
The report came amid reports of growth from Las Vegas tourism and airport officials.
David Schwartz, Director of the Center for Gaming Research at the University of Nevada, said:”Nevada casino resorts have always been about more than just gambling. The revenue pattern of the industry has shifted.”
The Abstract followed a report from the Las Vegas Convention and Visitors Authority confirming that Las Vegas welcomed a record 42.9m visitors in 2016, eclipsing 2015’s 42.3m.
Rossi Ralenkotter, President/CEO of the Las Vegas Convention and Visitors Authority, said: “Las Vegas continues to see increased interest in the destination, and we are excited to announce that once again we are celebrating record visitation. Together with our resort partners, we look forward to aggressively marketing the destination around the world to continue attracting more visitors and break the record again this year.”
Las Vegas also saw record numbers of convention visitors in 2016 with more than 6.3m business travellers during the year.