Las Vegas casinos continue to increase in revenue
As online gambling is expanding and continuing to grow in different countries that are learning about the benefits of having a lot of games and tables right at your fingertips, we should keep in mind that classic gambling is still very much alive and doing very well.
Las Vegas, Nevada, particularly, is the one that started all of the gambling hysteria that quickly engulfed the whole world. Well, they might not have started it per see, as the Asians were recorded as the first to commission and rationalize gambling as a legal and factual activity, but they surely are seen as the no-contest capital of gambling. Over the years, Las Vegas has been build on top of the incredible success that the hundreds of casinos that are located there have gathered, is one of the most productive cities in the world, in terms of finances and money spent there.
The revenue from gambling at the Las Vegas casinos saw an increase of no less than 3.2 percent during the latest fiscal year that ended June 30, surpassed a whopping $11.8 billion and continued the trend of medium-to-high growth and expansion. The yearly revenue has not dropped below $11 billion since the last 3 years, which is not only a sign of growth but a sign of consistency also. Not easy feat when you are entirely dependent on tourism, but a feat the Las Vegas casino have nevertheless managed to realize year in and year out. Considering that there are hundreds of casinos in Las Vegas, and dozens on the Strip, which is probably the most famous place in the US, ar at least it battles for the title, this may not seem extraordinaire, but it surely is.
The statistical data that was released this Tuesday by the Nevada Gaming Control Board show that absolutely all of the 16 markets are monitored very closely by teams of regulators, that ultimately saw the winnings increase greatly in an 11-month span, between July 2017 and June 2018. Casinos that are placed on the strip actually raked in well more than half of the state revenue!
About the statewide winnings, Mike Lawton, who is a senior analyst that is in charge of the control board, publicly declared that “We are happy with that increase “. We like to see widespread growth across all markets. We haven’t had a report like this in quite some time. Every one of those markets is in positive territory. That hasn’t happened since the fiscal year 2000, where every market came in positive for the fiscal year.”
In seven of the last eight years, the statewide revenue of Nevada has risen exponentially, and the Las Vegas casinos are a big part of that. All in all, that is 87.5% percent of times the years have ended in increase, in the last 8-year-span.
Lawton said the positive trend was driven by an increase in slot revenue, which added up to more than $7.5 billion. The $257.6 million year-over-year increase accounted for about 70 percent of the total statewide revenue growth. By his and his team of experts estimation, this is the positive trend that was greatly increased in an increase in the revenue of slots. Not particularly a new trend or what you would traditionally call a new wave, being a type of game that people have been playing for decades and decades, the slot revenue added up to more than $7.5b.
The table, card games, and counter games increased with over $100m to $4.2 billion. That includes, of course, sports betting, a game that, although it does not quite enjoy the same popularity in the casinos as on the gambling sites, still has a lot a heavy word to say in the revenue streams.
Worth approximately $280m alone, sportsbooks have set an all-time record in Las Vegas. With an increase of $53 million, sports betting is the biggest contributor to the table, counter and card game revenue increase.
Strip casinos during the fiscal year won roughly $6.6 billion from gamblers, up 2 percent compared with the previous fiscal year. Casinos in downtown Las Vegas reported winnings of more than $628 million, a year-over-year increase of 3.2 percent. During this fiscal year, just the casinos on the strip made roughly $6.6 billion from the regular gamblers, not taking into the account the VIP ones. This is an increase of up to 2 percent compared to the previous fiscal year, which is not spectacular, but considering it is steady, cannot be taken lightly.
The casinos that are situated in Stateline saw probably the smallest percentage increase during the fiscal year, with reported winnings of more than $226.7 million, up just a mere 1.7%. Despite this fact, they remain a big and important point in the Las Vegas gambling community.
The state benefited with more than $683 million in percentage fees based on the taxable revenues.
Casinos statewide won more than $933 million in June alone. That’s up 4.2 percent compared with June 2017. Gamblers lost almost $524 million to Strip casinos, which saw their revenue increase 5.4 percent.
The casinos in Reno saw revenue grow 20 percent — the largest percentage increase last month — surpassing $59 million.