Nevada closes FY 2016 with better results
After seven consecutive years of net losses, the biggest casinos of the State reported good net income in 2016.
US.- According to the annual Nevada Gaming Abstract 2016, the most important casinos in the State reported net incomes of US$979 million during last year’s activities. The latest result shows that Nevada casinos were able to end seven years of net loss and the goal for 2017 is to keep growing.
The Nevada Gaming Control Board released on Wednesday 11 the annual report on casino industry. The statement revealed that the biggest casinos, the ones that generated US$1 million or more in revenue last year, reported US$979 million, the biggest number since 2008.
For the last seven years, Nevada casinos reported net losses. In fiscal year 2015 the same gaming salons closed their operations with net loss of US$662 million. “This ends a streak of seven straight losses,” commented Michael Lawton, a senior research analyst with the Nevada Gaming Control Board’s Tax and License Division. “I was a 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,” he added.
Casino total revenue in all departments grew to US$25.2 billion in 2016; whilst, in 2015 the result was US$24.6 billion. The total increment of casino activity last year was of 2.6 percent (US$ 643.5 million.) “Gaming revenue has increased five of the last six years. But it still remains well below peak levels. In fact, it’s 13.8 percent below the peak levels recorded in fiscal year 2007, while room revenue is at an all-time high. We have recorded records for room revenue in three consecutive fiscal years,” concluded Lawton.
The annual Nevada Gaming Abstract 2016 also shows that the State received US$822 million in gaming taxes and fees, meaning 7.6 percent of their gaming revenue.
