CASINO

Nevada casino revenue up, losses down; record low gaming share of Strip revenue

TAGs: Nevada

nevada-las-vegas-casino-revenueNevada casinos reported a 3% rise in revenue during their most recent fiscal year but still reported a collective loss of nearly two-thirds of a billion dollars.

Figures released on Thursday by the Nevada Gaming Control Board show the state’s 271 casinos that grossed $1m or more in the 12 months ending June 30, 2015 earned combined revenue (gaming, rooms, food, beverage, etc.) of $24.6b while recording a net loss of $661.8m.

The revenue total is higher than FY14’s revenue of $23.9b and the net loss is lower than FY14’s $743.7m. However, while it’s getting closer, the state’s gaming industry has yet to recover its pre-recession peak revenue total of $25b in 2007.

Of FY15’s revenue, just $10.6b (43.2%) came from gaming, with $5.8b of that coming from casinos on the Las Vegas Strip. The statewide gaming revenue total is down 0.2% from FY14 while Strip gaming is down 2.5%.

Strip casinos posted a net loss of $923.3m, 2.2% better than FY14’ s losses. Total casino revenue on the Strip hit a record high of $16.7b, while gaming’s share of that total hit a record low of 34.9%.

Gaming’s waning importance reflects both the decrease in the number of high-rolling Chinese baccarat whales flying into town as well as the Strip’s ongoing makeover as a magnet for club-hoppers and pool partiers rather than slot jockeys.

While final numbers won’t be issued until later this month, the Las Vegas Convention and Visitors Authority announced shortly before year’s end that the city had already welcomed 42m visitors in 2015, up from 41.1m in 2014, and that was before counting the presumed influx of New Year’s revellers.

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