Casinos on the Las Vegas strip that earned at least $1 million in yearly gaming revenues have had a particularly lucrative run over the past fiscal year. According to the 2017 Nevada Gaming Abstract released just weeks ago, net incomes for Vegas casinos soared by 191.4% between July 2016 and June 2017 for almost all of these gambling venues.
The Nevada Gaming Control Board has corroborated this data, noting that Clark County held a total of 161 casinos that reported gross gaming revenues of $1 million or higher for the year in review. Net incomes for casinos on the Strip totalled around $813 million, with casinos not situated on the Strip generating $512.8 million of that figure.
Strip Gaming Market Earns $11.1bn
As well as checking balance sheets and casinos’ statements of income, the Gaming Abstract scrutinises data that concerns the average rates of room occupancy, revenues earned per room per day, gaming revenues generated per square foot of casino floor space, and numerous other ratios. The research report is published in January each year.
Total resort earnings on the Las Vegas Strip came to $17.8 billion, showing a 3.9% increase over the 2016 financial year. The Strip’s gross gaming revenues also grew by 3.1% during 2017 to around $6 billion in total.
Throughout Nevada, 272 gaming floors earned $1 million or more in 2017. The gambling industry as a whole earned $11.1 billion, paying the state of Nevada over $852.2 million in fees and gaming taxes. Of the 272 aforementioned casinos, 62 venues grossed $12 million or more, accounting for a whopping 72.5% of the local industry.
Slots Remain King In Las Vegas
Operators’ attempts to attract younger players, however, have seemingly been fruitless, with the older generation’s favourite slot machines remaining Vegas’ most popular casino game. Still, skills-based games and eSports arenas are continuously being constructed in the city in a bid to win over the Millennials with a whole new generation of gambling products.
Other statistics in the report showed that Clark County casinos sold around $5.76 billion’s worth of room nights in 2017, with these rooms housing occupants 88.15% of the time. Average rates per night stood at the $155 mark, while in 2016, local hotels had an 87.46% occupancy rate and an average cost of $138.48 per night.
A major revenue source for local casinos was also dining, with casino restaurants tallying sales of $3.5 billion for the year. Beverage sales alone came to $1.6 million during the period, while miscellaneous income streams like gift shop sales accounted for $3 billion’s worth of earnings at Clark Country’s prestigious casinos.