[toc]The numbers are in from the Nevada Gaming Control Board (NGCB) are in and 2016 was a pretty good year to be a Las Vegas casino.
Revenues were up to over $25 billion, there was a huge swing in the net income category, and 273 different casinos in the Silver State grossed over $1 million in gaming revenue.
Revenue up $643 million from 2015
Total revenue for Nevada casinos came in at $25.2 billion, up from $24.6 in 2015. This number comprises all the money spent on hotel, gaming, food and beverage, and other attractions.
Areas across the state all saw upticks in the total revenue category, save for the Carson Valley area, which saw a one percent decline.
The total revenue for 2016 is the second-highest in Nevada history. In 2007, the state took in $25.26 billion.
The gaming portion of total revenue amounted to $10.76 billion. That number is 42.6 percent of total revenue. The number is also the lowest for gaming revenue since 2011.
Gaming revenue peaked at $12.5 billion in 2007. Gaming revenue had been holding steady at just over $11 billion for the past three years.
The gaming revenue may be in a slight decline, but the boost in overall revenue indicates the increasingly important role night clubs, restaurants, and other attractions play in the local economy.
Net income for Nevada casinos soar
In 2015, the net income for casinos came out as a loss to the tune of $661 million. In 2016, fortunes changed with an impressive $979 million in income.
It is the first year since 2008 that the state posted positive returns in this category.
The increase in total revenue explains part of the bounce back. Casinos also reduced overall expenses by seven percent. Double digit decreases in interest expenses, payroll, and general admin costs helped to reduce overhead.
The improved economy certainly benefited the casino industry.
“I was bit surprised because I thought there might be one area that wouldn’t record net income, but they all did. And that hasn’t happened since 2006,” senior researcher for the NGCB Michael Lawton told the Las Vegas Sun.
273 casinos took in over $1 million in gaming
The Vegas Strip is far from the only location in Nevada which posted good numbers in 2016. The region which actually saw the biggest jump in total revenue from 2015 was the Reno/Tahoe area. Both cities saw five percent bumps in that category.
Of the 273 casinos with over $1 million in gaming revenue, 159 were in Clark County. In total, the casinos paid $821 million in gaming taxes. That amount represents 7.6 percent of all Nevada gaming revenue.
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