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Higher interest rates, rental costs ate into casino profits, new report shows

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Higher interest rates, rental costs ate into casino profits, new report shows


Most Nevada casinos made less money in the 2023 fiscal year than they did in 2022, according to a detailed 163-page report issued Friday by the Nevada Gaming Control Board.

The big reason: higher interest rates, rental costs and other general and administrative expenses.

The board’s 2023 Nevada Gaming Abstract said casinos statewide made net income of $3.44 billion off revenue of $29.87 billion in the fiscal year that ended June 30. The net income — the amount kept by companies after expenses — reported was 21.4 percent less than in the 2022 fiscal year, but revenue — the amount collected for hotel rooms, food and beverage and other attractions as well as gambling — increased 8.9 percent statewide.

But don’t weep for the casinos — this year’s net income was the second highest in the history of the report and the reason amounts declined in every market except South Lake Tahoe was that fiscal year 2022’s numbers were all-time highs.

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Michael Lawton, the Control Board’s senior economic analyst who crunches gaming numbers, said the reason profits dropped since 2022 was because of higher administrative costs.

Lawton said interest expenses increased 23.3 percent or $448.8 million, rent of premises increased 69.8 percent or $248.3 million, and other general and administrative expenses increased 17.1 percent or $612.7 million.

In Southern Nevada, Clark County net income of $3.03 billion (down 20.7 percent) was kept from revenue of $26.859 billion (up 9.5 percent).

In Southern Nevada submarkets:

— Strip, net revenue of $1.37 billion (down 33.6 percent) from revenue of $20.48 billion (up 11.6 percent).

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— Downtown Las Vegas, net revenue of $259.2 million (down 3.9 percent) from revenue of $1.55 billion (up 4.3 percent).

— Boulder Strip, net revenue of $413.5 million (down 6.7 percent) from revenue of $1.25 billion (up 1.8 percent).

— Laughlin, net revenue of $54.5 million (down 32.9 percent) from revenue of $674.2 million (up 1.6 percent).

— Balance of Clark County, net revenue of $925.6 million (down 2.9 percent) from revenue of $2.891 billion (up 1.8 percent).

The report said gaming revenue statewide was $10.92 billion for the fiscal year, down 1 percent. In Clark County, it was $9.35 billion, down 1.2 percent; the Strip $5.45 billion, down 2.3 percent; Downtown, $733.2 million, up 1.3 percent; Boulder Strip $854.3 million, down 1.4 percent; Laughlin $371.3 million, down 2 percent; and balance of county, $854.3 million, up 1.1 percent.

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The Control Board purposely does not identify which properties are in which markets because many of them are privately held.

The statewide report covers 300 nonrestricted gaming licensees with gaming revenue in excess of $1 million. Of those, 174 are in Clark County. A total of 54 casinos are operated by publicly traded companies that accounted for 64.4 percent of total gaming revenue during the fiscal year. Those companies routinely report net income and revenue on a quarterly basis.

This is a developing story. Check back for updates.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.

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Fire Safe Council executive director, former partner indicted on 29 felony counts

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Fire Safe Council executive director, former partner indicted on 29 felony counts


NEVADA CITY, Calif. – Nevada County District Attorney Jesse Wilson filed felony charges against Jamie Jones, executive director of the Fire Safe Council of Nevada County, and Chris Wackerly, Jones’ former partner and former director of operations for the organization.

The indictments allege 29 counts of fraud, grand theft, money laundering, embezzlement, perjury and forgery against each defendant. The indictments list embezzlement allegations dating from 2018 to early 2025.

Wackerly was arrested on Friday, May 1st, and booked in the Nevada County Jail. Jones has not been apprehended at publication time.

YubaNet reached out to DA Wilson late Friday after seeing Wackerly’s arrest in the jail media log.

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This is a developing story, check back for updates.

May 3, 2026 at 12:17 PM An update to this developing story has been posted.

Background

Concerns about the Fire Safe Council surfaced publicly as early as July 2021, when local media stories documented complaints from former employees.

A June 2022 Civil Grand Jury report identified deficiencies in the organization’s internal processes, drawing on public records, staff testimony and a whistleblower account. The FSCNC’s board response was deemed inadequate, prompting the 2023-24 grand jury to reinvestigate.

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The Board of the non-profit came out strongly against any allegations and in their response to a finding wrote, in part, “that the grand jury’s statements were “an opinion, not a finding” and calling the accusations “outrageously inappropriate, inaccurate and unfounded.”

The FSCNC has repeatedly denied any wrongdoing after the second Grand Jury report questioned its handling of grant funding. The organization attributed its financial difficulties to being designated a high-risk vendor by Nevada County – a designation that took effect April 12, 2024, one day before the FSCNC suspended operations and furloughed staff, citing a lack of available funding.

Despite that suspension, the FSCNC announced grants from Cal OES and FEMA in July and September 2024.

On Oct. 23, 2024, search warrants were executed at the FSCNC’s office and at the home Jones and Wackerly shared. Wilson said at the time that the warrants were part of an investigation into potential violations of penal codes covering embezzlement of public funds, but stressed that no arrests had been made and no charges filed.

Jones said the warrants also covered all electronic devices and that the organization “fully cooperated.”

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TriCounties Bank filed a notice of default against the Fire Safe Council on Jan. 17, 2025, for $806,301.30, including a business loan with an outstanding balance of $373,534.58. The council subsequently sold or returned equipment to the bank.

A criminal indictment contains charges that are only allegations against a person. Every defendant is presumed innocent until proven guilty.





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NEVADA VIEWS: Ford’s travel raises transparency questions

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NEVADA VIEWS: Ford’s travel raises transparency questions


Recent reporting on Democratic Attorney General Aaron Ford’s 420 days of out-of-state travel raises serious and reasonable questions about the level of transparency his office has provided.

As a lifelong Democrat who believes in good government and accountability, I’m troubled by the lack of information on the purposes of these trips all over the world. Many on the right are making this a political talking point, but my concern as an average Nevada voter is simpler — we should expect transparency from our elected officials, regardless of party affiliation.

Public service is a public trust. When officials spend significant time away from the state they were elected to serve, taxpayers have every right to understand why. What was the purpose of these trips? What concrete benefits did they bring back to Nevada? How did travel to places such as Martha’s Vineyard, Hawaii or Ghana advance our state’s interests?

I’m not suggesting that all travel is inappropriate. Our attorney general may well have legitimate reasons to represent Nevada at conferences, build important partnerships or address legal matters that benefit our state. But 420 days is substantial, and the lack of detailed explanations makes it impossible for voters such as me to assess whether this travel served Nevada well.

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This is where transparency matters most. A comprehensive accounting of these trips, their purposes, outcomes and benefits to Nevada, would address these concerns and effectively. If Mr. Ford’s travel delivered real value to our state, he should be proud to share those accomplishments. If some trips were less essential, acknowledging that would also demonstrate the kind of honest leadership we need.

Democrats have long championed government transparency. We’ve criticized Republicans when they’ve fallen short of this standard. We cannot apply different rules to our party. Good government principles don’t have a political affiliation.

The solution here is straightforward: Mr. Ford should provide the public with detailed explanations of this travel. Until that happens, this issue will continue to damage public trust and distract from the important work our attorney general should be doing for Nevada families.

We can and should do better.

Susan Brager is a member of the Nevada Board of Regents. She previously served on the Clark County School Board.

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Heirloom by Ovation opens affordable senior housing community

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Heirloom by Ovation opens affordable senior housing community


Ovation Development Corp. and its affiliate, Heirloom by Ovation, a Las Vegas-based developer of multifamily housing and one of Nevada’s largest private developers of affordable senior housing, hosted a ribbon-cutting and welcome-home ceremony for residents of its newest senior affordable housing community, Heirloom at Rome, at 4850 W. Rome Blvd. in the northwest valley.

The demand for senior affordable housing is reflected in Heirloom at Rome already having more than 182 occupied units, just months after it opened.

The $78 million Heirloom at Rome community, which was funded in part by Clark County Community Housing Funds and Nevada Housing Division’s Home Means Nevada Initiative, brings 276 new affordable housing units to market, including 38 tiny homes. The community’s tiny homes offer 400 square feet of living space, while apartments that range from 664 square feet to 891 square feet offer from one to two bedrooms.

Heirloom at Rome sits on a nearly 9.5-acre site within three separate buildings totaling 243,100 square feet. Of its 276 units, 180 are available to seniors making less than 49 percent of Area Median Income, and 96 units are available to seniors making less than 59 percent of AMI.

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The community sits on land once owned by the federal government and granted to the city of Las Vegas for purposes of affordable housing. Ovation was awarded the project through a competitive request for proposal process, furthering the city’s prioritization of affordable housing construction.

On-site amenities include a fitness room, movement studio, screening room, game lounge, great room, business center, wellness room and a one-story clubhouse by the tiny home village. Outdoor amenities include a community garden, pet park, extensive xeriscape landscaping, picnic tables and carport parking for residents.

Heirloom at Rome was designed and built to achieve LEED Gold certification by the U.S. Green Building Council and has successfully received its certification. The community features high-efficiency heating and cooling equipment including Energy Star appliances, low-E vinyl thermal pane windows, and high R-value wall and attic insulation. Additional sustainable building practices include the use of low- or no-VOC paints, adhesives and formaldehyde-free particleboard. Water conservation measures will include low-flow fixtures and drought-tolerant landscaping.

As one of Nevada’s largest and leading apartment developers of both market-rate and affordable housing for low-income seniors and working families, Ovation ensures its affordable housing communities maintain the exceptional quality associated with its market-rate projects.

Through its partnership with nonprofit Coordinated Living of Southern Nevada, Ovation provides residents of its affordable housing properties with life-enhancing wraparound services and recreational amenities that create a rich social infrastructure and high quality of life. This includes transportation assistance to medical appointments and shopping, health and wellness programs, food assistance as well as social outings and events.

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According to Alan Molasky, chairman and founder of Ovation, “collaboration is key to solving for challenging issues like affordable housing, and we couldn’t do it without critical support from government and agency partners who share our passion,” he said.

“We have long believed that everyone, regardless of income, deserves a quality home that helps to strengthen individuals, families and community. Providing a beautiful, dignified and comfortable place to live is key to ensuring seniors, particularly those on low or fixed incomes, can continue to thrive in a clean and beautiful environment during their golden years.”

To date, Ovation has completed 18 income- and rent-restricted communities totaling more than 2,795 units. The company will complete five more multifamily affordable communities with more than 1,300 units in Southern Nevada by 2028, providing much needed relief for low-income seniors, individuals and families.

Coming soon to the Heirloom by Ovation portfolio is Heirloom at Torrey Pines, at 6540 W. Arby Ave.

For leasing and qualifying information on Heirloom at Rome and other Heirloom by Ovation communities, visit HeirloomByOvation.com.

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Ovation Development Corp. is a Las Vegas-based development company founded by Alan Molasky, a prolific developer of multifamily, resort-style housing in Southern Nevada for 40-plus years. The largest private multifamily developer in the Las Vegas Valley, Ovation has built nearly 10,000 units. In addition to luxury multifamily communities, Ovation is committed to the development of a portfolio of affordable housing for low-income seniors, known as Heirloom by Ovation, based on the belief that quality homes are foundational to strengthening individuals, families and community. Ovation and its affiliates employ more than 300 individuals representing all facets of design, construction and property management. For information, visit ovationco.com.



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