Statistics compiled in the annual Gambling Abstract report show that Nevada’s largest casinos have at last turned the corner to profitability, but surprisingly not solely through growth in gaming.
They generated $1.6bn against total revenue of $26.2bn over the year ended June 30 2017, with the lion’s share of that income driven by rooms, food, beverage and other elements of the business.
According to the report, 72.5 percent of total gambling revenue was generated by 62 casi- nos operated by publicly traded companies. But in terms of overall spend, only 42.4 percent came from gambling itself.
Overall, income from Nevada’s 272 casinos topped out at 59 percent higher than was achieved in the previous financial period, while revenue was ahead by 3.7 percent.
This, the second consecutive rise in income, follows a bleak seven years of net losses. Casinos on the Las Vegas Strip won $814m and generated a GGR of $17.8bn. The result was a leap in profits of 191.4 percent compared with 2016.
More telling were statistics drawn from the Las Vegas strip where gambling revenue accounted for a mere 34 percent of total revenue. Gambling Abstract reported that this was the lowest percentage ever recorded for gaming.
Food, beverage and other items combined to account for 57.6 percent of total revenue, the highest combined share ever recorded by the report.