Nevada Casinos Enjoy Healthy Revenue Gains Year-Over-Year
According to the Nevada Gaming Control Board, the gambling industry in Nevada closed out the fiscal year with a total revenue (or “casino win”) of $11.4 billion, up 2.9 percent from last year’s $11.1 billion. This represents the sixth year-over-year increase in earnings out of the past seven years. In the current political climate of uncertainty surrounding the future of Las Vegas in the context of nationally legalized sports betting (hint: Vegas will be fine), this is especially encouraging news.
Breaking down Nevada’s numbers, casinos have seen substantial growth in slots (the largest revenue driver in the industry) at $7.3 billion in winnings, which is up 2.9 percent from last year. Similarly, game and table winnings ($4.2 billion) increased by 3 percent and gambling winnings ($895 million) are up 1 percent over the same period. Baccarat winnings brought those gains down a bit, falling 2.9 percent for a loss of $1.2 billion.
As usual, downtown Las Vegas saw the largest gains by district, its casinos pulling in nearly 11 percent more compared against last year, with Stateline casinos (those off the southern shore of Lake Tahoe, a scenic tourist destination in its own right) in second place with an improvement of 7.4 percent.
The largest gains, however, were enjoyed by the state, which took in $51.8 million in taxes off the casinos’ earnings, for a year-over-year increase of 5.8 percent.
LegalGamblingUSA thinks the government could get its hands on a whole lot more. With PASPA’s expected repeal looming, Nevada will have a vested interest in improving national access to their online sportsbooks. Hopefully, this will provide the impetus for the state (and others) to double down on the effort to get Congress to eliminate both the Interstate Wire Act (1961) and the Unlawful Internet Gambling Enforcement Act (2006).
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