Nevada Casinos Hits Record High of $26.2BN in 2017

Nevada Casinos Hits Record High of $26.2BN in 2017Nevada’s casino industry hit a peak of $25 billion in 2007 and 2008 before the Great Recession (2007–2012) struck, forcing the market into retreat. After suffering consecutive years of declining revenues, business then returned to growth in 2016 with the $25.2 billion generated an improvement on the $24.6 collected in 2015.

Furthermore, the trend has subsequently continued into 2017 with Nevada’s casinos reporting total gambling revenue of $26.2 billion last year, representing a new all-time high for the state. Commenting upon the hugely positive result, Michael Lawton, senior research analyst for the Nevada Gaming Control Board, stated:

“Nevada has put the recession behind it largely thanks to non-gaming 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 non-gaming spending”

Elaborating on the figures further, Lawton said that business derived from non-gaming products accounted for 57.6% of all revenues, which was also the highest share ever recorded in the state. In fact, Lawton pointed out that one would have to look back to 2004 to see a time when gaming represented more than half of all statewide casino revenues.

Naturally, the Las Vegas Strip produced the lion’s share of all revenues with business higher by 3.9% to $17.7 billion compared to 2016, and profit soaring by 191.4% to a massive $814 million. Once again, the Strip has now experienced two years of back-to-back gains having posted seven straight years of net losses. Moreover, just 34% of all revenues generated on the Strip was derived from gambling.

Finally, the 161 biggest casinos located in Clark County, which includes Las Vegas, accounted for $23.5 billion of total revenues. By contrast, the 31 casinos situated in Washoe County, which includes Reno, generated a collective $1.6 billion in revenue.

In other related news, Sen. Becky Harris has been chosen by Gov. Brian Sandoval to become the state’s first ever chairwoman of the Nevada Gaming Control Board. Harris now replaces A.G. Burnett who left the post in order to work for a Nevada law firm, and commenting upon her new role, she stated:

“To be appointed to the finest regulatory system in the world is a tremendous responsibility. I am grateful for the trust and confidence Gov. Sandoval has placed in me.”

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