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.
Nevada
Viking preps 63-hole tungsten drilling blitz in Nevada
Brought to you by BULLS N’ BEARS
Murray Ward
Viking Mines is officially transitioning from paperwork to power tools at its Linka tungsten project in Nevada, lodging a formal Notice of Intent with the US Bureau of Land Management for an expansive 63-hole drilling campaign.
The move marks a pivotal shift for the company as it prepares to launch the first exploration drilling at the historical site in more than four decades, aiming to breathe new life into a project that last saw production in 1956.
The company says the upcoming blitz will test the Linka system at scale across 48 drill pads, focusing on three distinct technical objectives to unlock maximum value.
At the “Linka Main” target, Viking will chase confirmation of historical high-grade intercepts to fast-track a maiden resource. The company is out to replicate some serious old-timer hits, including 9.8 metres at 0.5 per cent tungsten trioxide from one hole, and another of 7.9 metres at 0.9 per cent tungsten trioxide. Not to be outdone, a channel sample previously delivered a chunky 8.5m at 1.0 per cent tungsten trioxide.
‘This 63-hole programme targets near-surface opportunities in a strategic US tungsten district.’
Viking Mines managing director and chief executive officer Julian Woodcock
The second phase of the attack will target the “Linka Southwest” extension. This high-potential zone sits under younger shallow cover where the mineralisation appears to continue for at least 800 metres beyond the known historical workings.
Viking plans to drill four sections spaced between 125 metres and 150 metres apart to confirm bedrock geology and the continuity of skarn mineralisation. Surface samples in this neck of the woods have already returned up to 0.6 per cent tungsten trioxide, suggesting the system has plenty of room to grow.
Viking Mines managing director and chief executive officer Julian Woodcock said: “Lodging the NOI marks our transition to active sub-surface exploration. This 63-hole programme targets near-surface opportunities and the 800m southwest extension, building a growth pipeline in a strategic US tungsten district.”
Lastly, regional reconnaissance drilling will push further afield to test the scale of a broader intrusive body flagged by magnetic and gravity surveys. Shallow vertical holes will be used to pierce the cover and reach the underlying bedrock, to define the contact positions where tungsten mineralisation typically congregates.
Viking Mines says an expanded geophysical survey recently revealed a much bigger intrusive system at Linka than previously believed.
A deeper dive with the magnetics outlined a tungsten-bearing body stretching two kilometres wide, wrapped in a sprawling contact zone that runs for more than seven kilometres – a prime hunting ground for mineralisation.
The size of the contact zone is important since it marks the boundary where hot, metal-charged fluids from the intrusion collide with surrounding carbonate-rich limestone, setting up the perfect chemical trap for tungsten to precipitate in classic skarn-style mineralisation.
With federal nods expected this month, Viking is also in the final stages of contractor selection and expects to mobilise to the site during the June quarter.
The timing of the drill program looks spot ahead of the December 2026 REEShore Act mandate, which bans Chinese-origin tungsten from US military supply chains. The company is aiming to carve out a strategic foothold in the US, targeting a market that remains structurally short of domestic supply and increasingly hungry for secure, homegrown tungsten.
To further bolster the development case, the company is working with Mineral Technologies on a modular plant design and evaluating historical above-ground stockpiles, which have recently returned samples of 0.8 per cent tungsten trioxide.
While Linka is the immediate focus, Viking continues to monitor its other strategic interests, including the Canegrass vanadium project in Western Australia. However, the immediate prize is clearly in the Nevada desert.
Viking appears to be wasting no time in its bid to become a serious player in the critical minerals space. With the drill rods about to spin at Linka in a world-class jurisdiction and tungsten prices nearing record highs, punters will likely be keeping a close eye on the company’s unfolding Nevada story and eagerly watching for the first batch of assays to land.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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Nevada
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.
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.
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.”
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.
Nevada
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.
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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