Nevada
Nevada Casinos Report Net Income of $3.44B in Fiscal Year 2023
Posted on: February 17, 2024, 11:34h.
Last updated on: February 17, 2024, 11:34h.
Nevada casinos generated record revenue of $29.86 billion during the state’s 2023 fiscal year, but net income slid because of billowing inflation, interest, and overall administrative costs.
The Nevada Gaming Control Board (NGCB) on Friday unveiled the 2023 Gaming Abstract for the 12 months ending June 30, 2023.
During the fiscal year, 300 casinos grossed at least $1 million on their gaming floors. Only casinos that generated over $1 million in gross gaming revenue (GGR) are included in the annual report that provides a financial analysis of the state’s nonrestricted gaming licenses.
The nearly $30 billion in revenue includes gaming win and sales from hotel rooms, food and beverage, entertainment, spa services, and other resort attractions. Gaming represented about 37% of the revenue, or $10.92 billion.
On the $29.86 billion in sales — 8.9% higher than the 2022 fiscal year — the 300 casinos reported net income of $3.44 billion. Net income dropped over 21%, with higher borrowing rates, labor, and materials and goods costs blamed for the decline.
Net income refers to the amount of revenue retained by the casinos after expenses have been paid but before federal income taxes are deducted and extraordinary expenses are covered.
2023 Still Solid
Nevada casinos experienced their second-best financial year in 2023, as 2022 was a banner performance.
Clark County, home to Las Vegas, accounted for the most revenue at $26.86 billion, which was a 9.5% year-over-year increase. Net income for Southern Nevada casinos was $3 billion, a 21% drop but the market’s second-best year.
Strip casinos generated $20.48 billion of the revenue and $1.37 billion of the net income. Downtown casinos reported revenue of $1.55 billion and net income of $259.17 million. While Strip casinos saw net income slide almost 34%, downtown resorts said net income fell 4%.
Every metered area in the state report incurred a net income decline from the 2022 fiscal year. But each market still reported positive net income aside from Lake Tahoe’s South Shore.
The positive net income came despite interest expenses surging 23% to nearly $449 million, rent increases of 70%, or $248 million, and general expenses climbing 17% to $613 million.
2024 Outlook
Nevada casino execs aren’t expecting costs to subside anytime soon, so revenue must continue to increase. Many expect that to happen, including MGM Resorts International President and CEO Bill Hornbuckle.
2023 was an amazing year. We’ve got some headwinds, particularly with labor costs, but there’s enough programming and enough momentum that we think we surpass,” Hornbuckle said on the company’s earnings call last week.
Last fall, the Culinary Union that represents resort workers up and down the Strip struck new labor terms with several casino operators, including MGM, Caesars Entertainment, and Wynn Resorts. Some 50,000 Las Vegas casino employees are receiving wage increases as a result of the new five-year union contracts.
The 12 months in 2023 were a record year for Nevada casinos, as GGR climbed to a new high of $15.5 billion. Union leaders successfully campaigned that their members deserved a bigger piece of the financial pie by way of increased pay and more robust benefits.
A swarm of earthquakes has been rattling a remote stretch of central Nevada near Tonopah, including a magnitude 4.0 quake that hit near Warm Springs Tuesday morning.
Seismologists said the activity is typical for Nevada, where clusters of earthquakes can flare up in a concentrated area. “This is a very Nevada-style earthquake sequence. We have these a lot where we just see an uptick in activity in a certain spot,” said Christie Rowe, director of the Nevada Seismological Lab.
The latest magnitude 4.0 quake struck east of Tonopah near Warm Springs. The largest earthquake in the swarm so far has measured a 4.2.
What has stood out to researchers is the fault involved. Rowe said the earthquakes are occurring along a fault stretching along the southern edge of the Monitor and Antelope ranges — and that it was previously unknown to scientists. “We didn’t know this fault was there. It’s a new fault to us — not to the Earth, obviously — but it was previously unknown,” Rowe said.
For now, the earthquakes have remained moderate. Rowe said the lab would not deploy additional temporary sensors unless activity increases to around a magnitude 5 or greater.
Seismologists said they are continuing to watch the swarm closely as Nevada works to bring the ShakeAlert early warning system to the state. The program, already active in neighboring states, can send cellphone alerts seconds before shaking arrives. “For me, it’s a really high priority. That distance to the faults gives us enough time to warn people — and that can make a big difference in reducing injuries and damage,” Rowe said.
Seismologists encouraged anyone who feels shaking to report it through the U.S. Geological Survey’s “Did You Feel It” system, saying even small quakes can help scientists better understand Nevada’s seismic activity.
Experts said the swarm is worth monitoring but is not cause for alarm. They noted that earthquakes like the 5.8 that hit near Yerington in December 2024 typically happen in Nevada about every eight to 10 years, and said they will continue monitoring the current activity closely.
Nevada state court is the proper venue for reviewing whether KalshiEX LLC is improperly accepting sports wagers without a license, a federal district court said.
The Nevada Gaming Control Board showed that the state statutes under which it seeks relief don’t require interpreting federal law, Judge Miranda M. Du of the US District Court for the District of Nevada said in a Monday order. The board’s action is now remanded to the First Judicial District Court in Carson City, Nev., the order said.
The board in 2025 urged Kalshi, a financial services company, to get a gaming license, but the …
Strip gaming executives can put their best spin on the numbers, but local tourism indicators remain a major concern. Casino operators seeking to draw more people through the door still have much work to do.
The Nevada Gaming Control Board released January gaming numbers Friday. The news was underwhelming. The state gaming win was down 6.6 percent from a year earlier. The Strip took the largest hit, an 11 percent drop. But the gloomy returns were spread throughout Clark County: Downtown Las Vegas was off 5.2 percent, Laughlin suffered a 3.3 percent decline and the Boulder Strip dipped by 7 percent.
For the current fiscal year, gaming tax collections are up a paltry
2.1 percent, below budget projections.
The red flags include more than gaming numbers. Recently released figures for 2025 reveal that visitation to Las Vegas fell nearly 8 percent from 2024, which represented the lowest total since the pandemic in 2021. Traffic at Reid International Airport fell more than 10 percent in December and was down 6 percent for the year. Strip occupancy rates fell 3 percent in 2025.
To be fair, this is not just a Las Vegas problem. International travel to the United States was down
4.8 percent in January, Forbes reported, the ninth straight month of decline. Travel from Europe fell 5.2 percent, and passenger counts from Asia fell 7.5 percent. Canadian tourism cratered by 22 percent.
No doubt that President Donald Trump’s blustery rhetoric has played a role in the decline, but there’s more at work. International tourism has been largely flat since Barack Obama’s last few years in office. But domestic travel has held relatively steady although it is “starting to cool,” according to the U.S. Travel Association. Las Vegas hasn’t been helped by high-profile complaints last year about exorbitant Strip prices for parking, bottled water and other staples. Casino operators responded by offering discounts, particularly for locals, and they’ll need to continue those policies into 2026.
The tourism downturn has ramifications for the state budget, which relies primarily on sales and gaming tax revenues to support spending plans. “Nevada’s employment and economic challenges reflect deep structural factors that extend beyond cyclical economic fluctuations,” noted a recent report by economic analyst John Restrepo. “The state’s extreme concentration in tourism and gaming creates unique vulnerabilities.”
The irony is that state and local politicians have been talking for the past half century about “diversifying” the state economy. In recent years, that effort has primarily consisted of handing out millions in tax breaks and other incentives to attract businesses to the state. A dispassionate observer might ask whether that approach has brought an adequate return on investment.
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