Profits at Las Vegas’ largest casinos soared 191 percent in the latest financial year tallied by the Nevada Gaming Control Board.
Resorts grossing at least $1 million in annual gaming revenue, a board category centered on the Las Vegas Strip, booked $1.32 billion in net income from July 1, 2016, through June 30 of last year―61 percent of it generated on the Strip, the balance coming from elsewhere in Clark County.
The figures were released as part of the board’s annual “Nevada Gaming Abstract,” which includes a plethora of data related to the state’s No. 1 industry.
Released every January, the Abstract shows total resort revenue on the Strip hit $17.76 billion in the 2017 fiscal year, a 3.9 percent increase over 2016.
Gaming revenue on the Strip was up 3.1 percent to $6 billion, accounting for 54 percent of the $11.1 billion won by Nevada’s 272 largest casinos. And the largest of those, the 62 that grossed $12 million or more, most of them in Las Vegas, accounted for 72.5 percent of the total.
And slots remained king in Clark County, where gaming accounted for a little more than 34 percent of all revenues and machine gaming generated 63.4 percent of all gaming. Table games accounted for 32.6 percent, sports books 2.1 percent, poker 0.5 percent.
On the non-gaming side, the county’s casinos sold $5.76 billion worth of hotel room nights, good for an average occupancy rate of 88.1 percent, a slight improvement over 2016’s rate of 87.4 percent. Average room rates showed more substantial improvement, coming in at $155 a night versus 2016’s average of $138.
Restaurants generated another $3.5 billion, beverage sales $1.6 billion.
