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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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Court OK’s counting late-arriving mail ballots in Nevada, 29 other states

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Court OK’s counting late-arriving mail ballots in Nevada, 29 other states


LAS VEGAS (KTNV) — Nevada’s laws allowing the counting of mail-in ballots that arrive up to four days after Election Day — so long as they are postmarked by that date — is constitutional under a Monday ruling from the U.S. Supreme Court.

In a 5-4 ruling, justices upheld a challenge to a Mississippi law that’s similar to Nevada’s statute. Justice Amy Coney Barrett and Chief Justice John Roberts joined with the court’s three liberal members, Sonia Sotomayor, Elena Kagan and Katanji Brown Jackson, to uphold the law.

Conservatives Samuel Alito, Clarence Thomas, Brett Kavanaugh and Neil Gorsuch dissented.

The ruling affects 30 states, all of which allow some ballots received after Election Day to be counted. That includes Nevada, which allows ballots postmarked by Election Day to be received and counted up to four days later, and ballots without a postmark to be received and counted up to three days later.

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Plaintiffs in the case — including the Republican National Committee and the Mississippi Republican Party — had contended that federal laws referring to “elections” mean both the casting and counting of ballots, which they said must occur on Election Day.

“The federal election-day statutes do not preempt Mississippi’s law because the defining element of an ‘election’ has always been the electorate’s choice of candidate,” the case summary reads. “And a related federal statute — the Uniformed and Overseas Citizens Absentee Voting Act — confirms that while federal law dictates when ballots must be cast, state law governs when they must be received.”

In Nevada, critics have contended that late-arriving ballots erode confidence in elections, because they delay learning final election results for days and, in some close races, can change the outcome.

Gov. Joe Lombardo has called the weeklong wait for final, unofficial results “a national embarrassment.”

Plaintiffs in the case made similar arguments, but were turned away by the court: “Finally, plaintiffs policy arguments about election integrity and voter confidence are properly addressed to legislatures, not courts,” the case summary reads.

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Several attempts to require ballots to be received by Election Day have been introduced in Nevada’s Legislature, but none have been successful in the Democratically controlled body.

Secretary of State Cisco Aguilar has argued that the overwhelming majority of ballots are in and counted by Election Day, and only the closest races may be changed by late-arriving ballots. He’s advocated for more resources for county clerks and voter registrars to be able to count mail ballots more quickly.

Under the ruling, nothing will change for Nevada voters going to the polls in four months to vote in the November election. But officials still encourage voters to send in their mail ballots early, or to put them in drop boxes at voting centers during early voting or on Election Day.

Supreme Court upholds late-arriving mail ballots in Mississippi

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One dead, four hospitalized after head-on crash on I-15 in Clark County

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One dead, four hospitalized after head-on crash on I-15 in Clark County


LAS VEGAS (FOX5) — Nevada Highway Patrol responded to a two-vehicle crash on Interstate 15 near mile marker 94 Sunday evening.

The crash was reported at 6:43 p.m. on June 28.

MORE ON FOX5: Driver sustains life-threatening injuries in Las Vegas multi-vehicle crash

A passenger sedan and a pickup truck were involved in the crash. One vehicle was traveling southbound, lost control, crossed through the median, and struck the other vehicle head-on in the northbound travel lane.

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One adult male died at the scene. Two people were transported by ground ambulance, and two others were transported by life flight to a local hospital.

Road closures

All northbound I-15 travel lanes were closed at mile marker 94, but have since opened as of Sunday night.

Nevada Highway Patrol said further information will be provided following the preliminary investigation.

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Officials elevate response efforts to combat eastern Nevada wildfires

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Officials elevate response efforts to combat eastern Nevada wildfires












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Officials elevate response efforts to combat eastern Nevada wildfires | Local Nevada | Local























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