Casinos in Nevada were reported to have generated a gambling revenue of $26.2 billion (€21.4 billion) in the year 2017, thereby beating the revenue record set in that US state before the recession in 2007.
According to the Nevada Gaming Control Board, this amount was up by 3.7% compared to 2016, whereas income of $1.6 billion from the biggest casinos in the state generated for 12 months leading up to December 31, 2017, was also up by 59% as compared to the previous year.
Senior research analyst with the Tax and License Division of the board Michael Lawton said, "After recording seven consecutive net loses, the state has recorded two consecutive years of income. The results were driven by the Strip. The state's net income increased by $578.4 million and the Strip's net income increased by $534.6 million of that total, or 92.4 percent. And the total revenue for Nevada was up $939.8 million, and the Strip contributed $660 million or 70.2 percent of that increase.
Lawton continued, "Nevada has put the recession behind it largely thanks to nongaming spending on rooms, food and drinks, and other attractions. Gaming did not have a bad year. In fact, it had a good year and a nice increase, but definitely not record levels like nongaming spending."
For the duration of 2017, casinos have paid in gambling taxes and feed the amount of $852.2 million, which resulted to an overall revenue of 7.7%.
It was the Las Vegas Strip that turned out to be the most popular place for gambling in the US last year, with an increase of 3.9% in revenue year-on-year to $17.7 billion, and profit skyrocketing by 191.4% to a whopping $814 million.
Meanwhile, the casinos located in Downtown Las Vegas earned $1.2 billion in revenue, up 10.3% from last year, while their profit went up to 11.3% to $110.3 million.
Following the announcement of A.G. Burnett to step down as the chairperson for the past five years, the Nevada Gaming Control Board has appointed State Senator Becky Harris as their new chairperson, thus making her the first ever female chairperson on the Board.
Source:http://www.igamingbusiness.com/news/nevada-sets-gambling-revenue-record-2017
