Nevada Casinos Revenues Up But Gaming Contribution Down
Figures released on Thursday by the Nevada Gaming Gaming Control Board tell an interesting story which has been a trend in the last few years in Las Vegas. While once dubbed the gambling mecca of the world, Las Vegas has become global entertainment hotspot where millions come to enjoy the clubs and entertainment on offer besides casinos.
According to the latest figures, Nevada casinos recorded a 3% rise in revenue for the last fiscal year but recorded an overall net loss of $661.8m ending June 30 2015. The period ending June 30, 2015 saw combined revenue of the 271 state casinos to be $24.6 billion for the year. This is higher than the FY14’s $23.9b and net loss of $743.7m. However this is still off from the heydays of 2007 where revenues peaked at $25b.
What is most interesting is the fact that of the FY15’s revenue only $10,6b is from gaming and of that $5.8b from casinos on the Las Vegas Strip. Las Vegas as we reported is has been for the last few years tourist attraction that welcomes over 40 million visitors in 2015. The reasons for the downturn in gaming revenues are the decease of highrolling Chinese Baccarat players who are been replaced by young club hoppers and party seekers.