2017 was a great year for gambling in Vegas! Revenue up 191% at Nevada casinos.
Las Vegas casinos had a stellar year. According to the most recent revenue reports, revolving around fiscal year 2017 (ending June 30), the gambling mecca saw revenue nearly double from the previous 12 months, with no notable change in popular casino games.
On Friday, the Nevada Gaming Control Board released the 2017 Nevada Gambling Abstract, an annual publication of the gaming industry in and around Las Vegas. The publication includes all casinos that generate $1 million or more per annum. According to that document, the net income for casinos all over Nevada is soaring, up 191.4% to US$814 million.
The largest properties on The Strip experienced an overall year-on-year increase of 3.9% to $17.8 billion. That figure represents all sales, including gaming, food, beverage and hotel accommodations. Casino gaming revenue alone was up 3.1% to $6 billion, portraying 34% of all revenue at the reporting properties. That’s a slight decrease from FY16 results of 34.2%.
Up the road in Downtown Las Vegas, properties averaging $1+ million per year generated a total net income of $110.3 million, up 111.3% from the previous year. Total revenue across all sales at those operations is up 10.3% to $1.2 billion, while gaming revenue saw an 11.6% climb to $613.2 million.
No Change in Popular Casino Games
As usual, the slots were the biggest driver of revenue throughout all of Clark County’s casino properties. Slot machines accounted for 63.4% of all gaming revenue in the Las Vegas area. No real change there, on par with FY16’s 63.5% slots gaming revenue.
There was no palpable change in revenue from ‘pit‘ games (includes table games, keno and bingo) either. Vegas casinos grossed 32.6% this year, over 32.5% last year.
Sports betting and race book betting came in nearly identical to FY16 as well. Sports pools rose from 2% to 2.1%, while race books accounted for just 0.5%, down from 0.6% the previous year.
Poker tables held steady year over year, pulling in 1.4% of gross revenue in FY16 and FY17.
Stay & Play at Vegas Casinos
Las Vegas hotels were privy to a small increase in room occupancy in FY17. It’s worth pointing out that there are well over 3.5 million hotel rooms in the Las Vegas area. Total occupancy for the year was 88.15%, up from 87.6% in FY16.
The most popular month to rent a room in Vegas was July 2017 (93.01% occupancy), with December being the least popular time (78.59% occupancy). December was also the least popular month in 2016, so if you plan to stay and play in Vegas on a budget, you can expect cheaper room rates during the holiday season.
One other item of interest in the 2017 Nevada Gaming Abstract relates to the amount of money spent gambling in Vegas casinos per room occupancy. The report indicates an average of $155.09 in slots play and $79.72 in pit play, per room, per day. The average cost of a hotel room in Vegas was $146.95 per day. Throw in average food and beverage sales per room/day ($89.38 and $41.22 respectively), and Las Vegas casinos are hauling in $512.36 a day per occupied room.