Nevada casino net income reaches record $4.1bn in 2022 fiscal year

The Nevada Gaming Control Board (NGCB) has released its annual Gaming Abstract for 2022.

US.- Nevada casinos had their best business year generating $4.1bn in net income in the fiscal year ending June 30, 2022. That’s according to the annual Gaming Abstract released by the Nevada Gaming Control Board (NGCB). Figures surpassed the previous record of $2.9bn from the 2020 fiscal year.

Nevada’s 296 casinos recorded their second-highest revenue in history, almost reaching the pre-pandemic record set in fiscal year 2018. Casinos generated $10.67bn with $2.63bn from hotel room sales, $1.7bn from food sales and $1.2bn from beverage sales. Large casinos reported a 52.6 per cent occupancy rate and 46.7m room nights. The highest occupancy rate, 80.1 per cent, was reported in June 2022.

Michael Lawton, the NGCB’s senior economic analyst, said: “The Strip accounted for 87.1 per cent of the state’s $4.33bn improvement to net income in fiscal year 2022. The total revenue generated in all departments was $17.3bn, second highest all time, compared with $8.7bn last year. The Strip accounted for 83.1 per cent of the state’s $10.2bn increase to total revenue in fiscal year 2022.”

In Clark County, 170 of the largest casinos registered net income of $3.57bn and revenue of $23.46bn, up 72.1 per cent year-on-year. Downtown Las Vegas generated net income of $269.7m on revenue of $1.5bn, an increase of 45.1 per cent compared to 2021. Washoe County’s income soared 35 per cent to $372.7m, and Elko County registered $144.8m, up 10 per cent.

South Shore Lake Tahoe saw its net income go down. The decline was due to the Caldor fire, which devastated areas in the Eldorado National Forest and a region near Lake Tahoe.

Nevada Gaming Control Board appoints new chairman

Las Vegas attorney Kirk Hendrick has been appointed as chairman of the Nevada Gaming Control Board by state governor Joe Lombardo. Hendrick takes over from former chairman J. Brin Gibson, who resigned at the end of November and is expected to begin his four-year appointment at the end of January.

Hendrick, age 58, started his career in private practice in 1991 before working under then State Attorney General Frankie Sue Del Papa in the Gaming Division. There, he provided legal counsel to the Nevada Gaming Control Board and Nevada Gaming Commission.