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Nevada Casinos Report Net Income of $3.44B in Fiscal Year 2023

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Nevada Casinos Report Net Income of .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.

Nevada casinos abstract income revenue
The Resorts World Las Vegas casino floor is bustling in a file photo. Nevada casinos reported net income of $3.44 billion during the state’s 2023 fiscal year on gross revenue of $29.86 billion. (Image: AP)

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.

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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.

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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.



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Winter storm warning blankets parts of California, Sierra Nevada

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Winter storm warning blankets parts of California, Sierra Nevada


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A winter storm warning is in effect for parts of northern and central California as snowy conditions continue to hit the state, potentially bringing over a foot of additional snow to a region that already saw accumulation this weekend.

The National Weather Service sent out the warning for some elevated mountain areas, including West Slope Northern Sierra Nevada and Western Plumas County/Lassen Park above 4500 feet, and the cities of Chester, Blue Canyon and Quincy.

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The alert warns of additional snow accumulations of 12 to 18 inches above 4500 feet, with up to 2 feet at the highest peaks, as well as minor snowfall accumulations of 2 to 4 inches down to 4000 feet. Winds could also gust as high as 45 mph, NWS said.

The warning is set to last through 11 p.m. local time on April 12, with mountain travel highly discouraged as conditions remain slick on the roads, the Sacramento NWS office said.

The potential for additional snowfall comes a day after parts of the state saw multiple inches collect in higher elevations.

The UC Berkeley Central Sierra Snow Lab, nestled in the Sierra Nevada at Donner Pass, reported early April 11 seeing nearly eight inches of snow in its area. With the snow described as wet and dense, the lab also predicted between 18 and 36 inches more accumulation over the night of April 11 and throughout April 12.

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The NWS initially launched a winter storm watch alert for the Sierra Nevada mountain range area on April 10, advising of moderate to heavy snowfall over the weekend. The April forecast indicated that certain regions along the Sierra Nevada could receive up to 4 feet of snow and wind gusts as high as 45 mph, according to the NWS.

Northern California also braced for other severe weather this weekend, including potential thunderstorms, brief but heavy rain, erratic winds, hail up to “an inch in diameter,” and a small chance of “weak tornadoes,” USA TODAY previously reported. Other parts of the state saw thunderstorms, lightning, and floods, including in the Sacramento Valley.

Other parts of the United States are expecting a boost in warm weather this upcoming week, including parts of the Mid-Atlantic and Southeast, which could see temperatures hit the upper 80s from Tuesday, April 14, until Thursday, April 16.

Kate Perez covers national trends and breaking news for USA TODAY. You can reach her at kperez@usatodayco.com or on X @katecperez_.

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Shooting in remote area of Nevada County leaves 1 dead, homicide investigation underway

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Shooting in remote area of Nevada County leaves 1 dead, homicide investigation underway



A deadly shooting in a remote area of Nevada County Saturday afternoon is being investigated as a homicide, deputies said. 

The shooting happened around noon on Yellow Pine Lane in the Grainteville Road area, deputies said. This is about 30 miles northeast of Nevada City.

One person died, and their identification has not been released.

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A suspect is not in custody, deputies said Saturday evening.

No other details surrounding the incident have been provided and the investigation is ongoing. 



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LETTER: Nevada and the Colorado River negotiations

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LETTER: Nevada and the Colorado River negotiations


In your recent editorial on the Colorado River talks, the Review-Journal is right that Nevada deserves fairness in these negotiations. Nevada uses the least water, leads in conservation and re-uses about 85 percent of what it draws.

So why is Nevada being positioned to give more? The Review-Journal makes the case against it, but stops short of addressing how years of prior negotiations have already set a precedent for Nevada to surrender portions of its legal entitlement. Southern Nevada Water Authority General Manager John Entsminger has advanced a plan that reportedly includes surrendering up to 50,000 acre-feet, nearly 17 percent of Nevada’s allocation, while upper basin states face no comparable requirement to improve recycling or reduce structural losses.

There is already plenty of “unfairness” to go around, particularly in how Southern Nevada residents have been expected to shoulder the burden (both financially and environmentally) in the name of “conservation.”

For years, water use reductions tied to Lake Mead levels have been driven in part by hydropower thresholds, while the public narrative has centered on the lake’s visible “bathtub ring” to justify restrictions. It is also worth noting that California benefits significantly from higher reservoir levels. Under the compact, water use within the system, not energy production, is the priority.

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Now we are told the state will “fight like hell.” The question is: Why not fight for every drop of Nevada’s legal entitlement?

The editorial also does not address a critical fact: Colorado diverts a significant portion of its Colorado River water across the Continental Divide, sending much of it out of the system entirely. Nevada, meanwhile, returns most of what it uses.

Nevada has the smallest allocation, the highest efficiency, significant amounts of stored water and the infrastructure to access it. Yet its leadership appears to be negotiating as a mediator rather than defending those advantages. “Fighting like hell” for fairness means demanding accountability, not giving more away or allowing more to be taken.



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