Nevada’s casinos reported a record $31.5 billion in revenue in the state’s 2024 fiscal year, but net income declined 24.4%, including a 40.4% drop on the Las Vegas Strip.
The Nevada Gaming Control Board released its annual Nevada Gaming Abstract Friday afternoon. It detailed financial information from state license holders that gross $1 million or more in gaming revenue in the 2024 fiscal year that ended June 30.
During the FY24, 307 casinos in Nevada grossed $1 million or more. Together, they generated net income of $2.6 billion from total revenue of $31.5 billion, according to the Gaming Control Board. While net income fell by $838.2 million or 24.4% from $3.4 billion, total revenue rose 5.5% from $29.8 billion.
Total revenue is the money spent by patrons on gaming, rooms, food, beverage, and other attractions. Net income is retained by casinos after expenses have been paid, but prior to deducting federal income taxes and accounting for extraordinary expenses.
Every market statewide recorded lower net-income totals compared to FY23, according to Michael Lawton, economic analyst for the Gaming Control Board.
The Strip had $21.8 billion in total revenue, a 6.8% increase over 2023, while operators reported $820.2 million in net income, a decline of 40.4%.
The decrease in statewide net income from last year was the result of a $1.37 billion increase (10.4%) to departmental expenses and cost of sales, Lawton said.
The Strip experienced similar increases to departmental expenses, which increased $1.1 billion (13.7%), in addition to a $798.7 million (8%) increase to total general and administrative expenses.
Many properties came under new union contracts with pay bumps in the fiscal year. Statewide, casinos also added more than 6,100 employees from 142,849 in fiscal year 2023 to 148,967 in 2024.
Total revenue in downtown Las Vegas was $1.6 billion, an increase of 3.3%, while net income of $199.4 million fell 23.1%. The balance of Clark County, which includes locals casinos, increased total revenue by 8.1% to $3.12 billion The balance of Clark County net income of $882 million fell 4.7%, the least of any reporting segment.
Gaming revenue accounted for $11.28 billion (35.8%) of total revenue, with statewide gaming revenue up 3.4% and the Strip up 4.9%. That includes $4.4 billion in comps. Slots comprised $10.8 billion, while table games made $4.2 billion. Sportsbooks made $458.4 million in revenue.
The 307 casinos paid $1.15 billion in gaming taxes and fees, equating to 10.3% of their gaming revenue, according to the Gaming Control Board.
On a county-by-county basis, Clark County’s 179 casinos grossing $1 million or more in FY24 generated combined net income of $2.3 billion from total revenues of $28.52 billion.
Washoe County’s 33 casinos reported combined net income of $169.8 million from total revenues of $1.68 billion.
Elko County’s 21 casinos generated $91.8 million in combined net income. South Shore Lake Tahoe in Douglas County with six licensees reported a net loss of $30.3 million. Carson Valley Area with 15 casinos generated net income of $23.8 million. The balance of the state’s 53 casinos earned $45.9 million in combined net income.
In FY24, 53 casinos owned by public companies accounted for 62.8% of the total gaming revenue generated statewide during the fiscal year, Lawton said.
Laughlin in Clark County saw a 3% decline in total revenue and $8.31 million in net income, a decline of 84.7% compared to $54.5 million last year.
The total revenue generated in all departments was $654.2 million. This corresponds to a $20 million (3%) decrease from the previous year. Laughlin gaming revenue was down $12.1 million (3.3%) compared to last year, Lawton said.
Additionally, total and general administrative expenses in Laughlin increased by 6.7% or $21.1 million.
In addition to providing combined balance sheets and income statements, the Nevada Gaming Abstract includes data concerning average number of employees, rate of room occupancy, revenue earned per room per day, gaming revenue earned per square foot of gaming floor space, and various ratios. Data is also combined into totals representative of casinos statewide with rooms and casinos statewide owned by publicly held corporations.
