Nevada Casinos Record Profit After Seven-Year Slump
Following seven years of suffering, Nevada casinos finally had some good news to share at the beginning of 2016.
The Nevada Gaming Control Board published a comprehensive report with a look towards the results of the state’s biggest gaming venues – 273 of them in total – which brought a gross revenue of more than $1 million in the last fiscal year, which ended in June 2016.
The report showed that Nevada casinos got out of the red zone for the first time since before the Great Recession in 2008, with a reported net revenues of $979 million and total income of $25.23 billion compared to a net loss of $662 million from total net revenue of $24.6 billion in fiscal 2015.
The voluminous report which included over 200 pages of data included different statistical topics such as number of employees, room occupancy rates and gambling revenue per square foot of casino space. The total revenue also includes the amount of money spent on gaming, beverage, food, rooms, and other casino attractions.
As reported, some 70 casinos owned by public companies across the state amassed the total of 78% of the revenue generated in the previous fiscal year. In attempts to generate even more revenue, a couple of casinos across the state are planning to add paid parking to their offer.
It is quite evident that online slot games and table classics are no longer the main revenue driver as it only accounted for 43.2 percent of overall revenue, the worst ever result, although the gaming venues were able to compensate through their hotel and hospitality earnings.
Nevada casinos getting back over the negative line are still long way off from getting in a truly positive territory however, as their fiscal income did exceed numbers from 2006, but is still less than half of the pre-recession all-time record tally of $25.3 billion from 2007.