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17

Nevada Gambling Revenue Hits Record Levels in 2017

Tags: Las Vegas, Nevada.
Posted on Wednesday, January 17, 2018 by "T".

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

 

 


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17 comments for "Nevada Gambling Revenue Hits Record Levels in 2017"

 doubletop7771/17/2018 9:53:23 AM GMT
It is truly mind boggling the amounts of money being talked about here. To generate a revenue of over twenty six billion dollars is phenomenal and it proves that gambling revenues will nearly always increase
 pochui1/17/2018 12:39:45 PM GMT
quite an interesting fact, I guess increased revenues correspond with increased household income and logically thinking when people have more money and feel job security they spend more on entertainment. also it could be tourists who pumped up the figures.
 Sandmanilo1/17/2018 2:23:14 PM GMT
Well it's a very good news both for casino owners and us, gamblers. It means that the industry will be improving on a constant basis, hopefully carrying online gambling with itself. Now business owners will more likely offer new bonuses and loyalty programs to players.
 dule-vu1/17/2018 3:27:42 PM GMT
as we can see in this news,people spend lot of money on other things,like drink,food,hotel and other entertainment,even people think that most profit come from gambling!so on whatever people spend money,this money still stay in las vegas!
 CALICUL1/17/2018 8:12:40 PM GMT
With such gambling revenue is normal for these casinos to be robbed as often as possible. Very large cash receipts for this American state Nevada. I would like to get there someday to see this city las vegas. If a new crisis comes, it will be bad for them but for moment is very good.
 Fakiry1/18/2018 9:10:40 AM GMT
It seems like there's no such thing like crisis in Las Vegas these days. The truth is, even in my "friends" list on FB, being Portuguese and having the most of them from my country, i've been surprised with a big amount of posts from there. Even if it's just to get to know that different culture, people always give it a try at some slots, which surely helps to get to these numbers. Recently we also had some bad news from there, unfortunately regarding a shooter, but that also helps to realize that many cultural events happens around there, calling people to visit the city, and eventually they end up spending some bucks at the casinos. Of course there are stacked regular players and particular events for bigger wallets, but i believe the calling of the masses are the most important strategy for the business to follow its path up to these values. I want to go there one day, what about you?
 Mober1/18/2018 9:12:55 AM GMT
A crazy number indeed.
One can see, why some of the operators where behind of all the story that
happened with the banning of the online casinos and poker rooms.
Less competition, more winning s for them.
 Tony_MON7ANA1/18/2018 8:46:46 PM GMT
The US economy has been on a steady growth path and it is expected to continue steadily expanding in 2018 and 2019. I can't wait to go back to the US in 2020. Las Vegas is on my list of places to revisit. Vegas baby, Vegas!!!
 CALICUL1/19/2018 8:39:12 PM GMT
In contrast to the United States of gambling, robberies and crimes, in Rusia many casinos have been shut down and tens of thousands of people will be out of work. The prisoners of this system(players) they will not have many opportunities to play. vladimir putin has other ideas.
 bowie19841/19/2018 11:39:01 PM GMT
Posted by pochui:
quite an interesting fact, I guess increased revenues correspond with increased household income and logically thinking when people have more money and feel job security they spend more on entertainment.

Could be the opposite as well. Desperate times brings desperate measures - how many couples could just go there and try their luck with the hopes that they could make a sizeable nest egg out of one good run on roulette or craps.
 Tony_MON7ANA1/22/2018 12:23:09 AM GMT
United States Inflation Rate
Las Vegas Area Economic Summary

Even after taking inflation rate into consideration, 3.7% annual revenue growth is still remarkable. I wonder if the growth trends can be seen in Atlantic City casinos.
 CALICUL1/22/2018 8:56:11 AM GMT
casinos have this success because the world dreams of making money in a very easy way. Reality is different because very few people earn nice money and the rest of the people lose. Of the players who lose some play for pleasure and others go home angry.
 godoy2/10/2018 3:23:18 PM GMT
MY GOD this is a very large amount and shows the strength of the game, the city that breathes gambler, many speak the famous phrase what makes LASVEGAS is in LAS VEGAS
 bowie19842/10/2018 11:23:57 PM GMT
Posted by godoy:
MY GOD this is a very large amount and shows the strength of the game, the city that breathes gambler, many speak the famous phrase what makes LASVEGAS is in LAS VEGAS

This is more than just gambling IMO. They have now two major sport franchises residing there so the tourism numbers having a hike as well which in return shows up in gambling too. It is symbiotic.
 pajalnick2/11/2018 8:32:58 AM GMT
Las Vegas is certainly a unique city .... I watched a lot of movies where events take place in Las Vegas and I realized that this is a city in which different vices and incredible events intertwined ..... and that huge amount of money that became income in 2017 I'm not surprised
 CALICUL2/11/2018 1:29:16 PM GMT
pajalnick this city was founded by the mafia. Always mafias knew how to make money. They make a lot of money nowadays and in las vegas there are hotels that are owned by the mafia. As long as they pay the taxes is ok. In this city they have earned money and enough people - players, actors, musicians, employees, the womens... etc
 dule-vu2/11/2018 2:11:40 PM GMT
when you can find everything on one place and so much fun things,not even to gamble and you will still spend your day!its unique city and ofcourse would be nice to go there on at least one day!its really something special!

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