Nevada: major casinos net income rises to USD 1.5 B

According to the Gaming Abstract published by the control board, the net income for Nevada’s major casinos rose strongly in fiscal 2017 to more than USD 1.5 B before federal taxes.

Gaming Control Board Analyst Mike Lawton said that is a 59 percent jump from the USD 979 M those casinos netted in the year before.

He said after seven consecutive net losses during the recession, the 272 resorts with gaming revenues of more than USD 1 M a year have now recorded two consecutive years of positive income.

The Carson Valley Area, which includes valley portions of Douglas County as well as the capital, did even better, growing net income from USD 8.4 M to USD 11.4 M from 2016 through 2017. That’s a 36.5 percent, USD 3.1 M increase. Carson has 15 casinos in the million-plus category.

The Carson Valley Area now has seven consecutive years of positive net income.

Total revenue in Carson was USD 153 M, a 2.2 percent increase. Gaming revenue grew just 1.4 percent but revenue from rooms was up 15.5 percent.

The South Lake Tahoe area of Douglas County did even better, posting a whopping 92.5 percent increase in net income to USD 27.2 M.

Total revenue for the five licensees at South Shore was USD 395.7 M, a USD 20.6 M or 5.5 percent increase. Gaming revenue was up 7.8 percent to USD 15.6 M.

Total revenue there has now increased for three consecutive years and gaming revenue for two of the last three years after being down eight years during the recession.

Washoe County’s 32 casinos reported a net income of USD 126.4 M for fiscal 2017. That’s down 12 percent from USD 143.7 M a year ago. That net is on total revenues of USD 1.5 B.

Statewide, total revenue generated by the major resorts around the state was USD 26.2 billion. It’s the seventh consecutive annual increase and the highest total revenue ever recorded in the Abstract.

Total gaming revenue was USD 11.1 B, up 3.3 percent or USD 349.2 M.

But gaming statewide accounts for less than half the total revenues taken in by those resorts — in fact, just 42.4 percent.

Statewide, rooms brought in USD 6.2 B, up 5.8 percent, beverages USD 1.8 B, up 4.2 percent, and food USD 3.9 B, up a half-percent. “Other” revenues ranging from entertainment to parking fees and even leased space for restaurants, accounted for USD 3.2 B.

Gaming revenue has been less than half of total resort revenue since 2005 and, as resorts continue to expand all manner of offerings beyond the casino floor, continues to decrease.

The exception is the Carson Valley Area where gaming revenues account for 65.1 percent of total revenue.