GGRAsia – Large Vegas Strip casinos see net income up twofold

Large Vegas Strip casinos see net income up twofold

Jan 15, 2018 Newsdesk Latest News, Top of the deck, World

Net income from all operations among the licensed Las Vegas Strip casinos that annually gross more than US$1 million in gaming revenue was up 191.4 percent in the 2017 fiscal year to June 30 over the previous year, to US$814 million.

So said the 2017 Nevada Gaming Abstract, published on Friday by the Nevada Gaming Control Board in the United States.

Large properties on the Las Vegas Strip (pictured) recorded a 3.9 percent year-on-year increase in total revenue including for rooms, food and beverage, and gaming, to nearly US$17.8 billion. Gaming revenue from those venues expanded by 3.1 percent during the period, to US$6 billion.

The contribution of gaming to total Las Vegas Strip revenues for the US$1million-plus-generating casinos was 34.0 percent in fiscal 2017, a fraction down on the 34.2 percent contribution of gaming in fiscal 2016.

In downtown Las Vegas, those casinos grossing US$1 million or more reported net income of US$110.3 million from all operations in the period, a 111.3-percent increase from fiscal 2016. Total downtown aggregate revenue was up 10.3 percent to US$1.2 billion, and gaming revenue rose 11.6 percent to nearly US$613.2 million.

In Clark County as a whole, slot machines remained the biggest generators of gambling revenue, with 63.4 percent of casino revenue. Table games contributed 32.6 percent. Sports books – flagged by some global industry commentators as a product with great potential in licensed casinos in Asia – contributed 2.1 percent of casino revenue at major Clark County venues. Poker rooms contributed 0.5 percent.

The room occupancy rate for Clark County resorts in fiscal 2017 was 88.15 percent, according to the abstract. Clark County resorts saw an average of US$155.09 in slot revenue per hotel room, per day in fiscal 2017. Casino pit revenue was US$79.72 per room, per day, and food sales averaged US$89.38 per room, per day.

On the other side of the country, the East Coast gaming hub of Atlantic City, New Jersey, recorded among “current” casino operators a casino win aggregate of US$2.4 billion for the calendar 12 months to December 31, an increase of 5.8 percent compared to the same period last year. Those numbers were given in a Friday release by the New Jersey Division of Gaming Enforcement.