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.
LAS VEGAS (KSNV) — We’ll start the week with a heightened fire danger with dangerous heat later this week.
TODAY
Expect mostly sunny skies with winds picking up again on Monday. High temperatures will reach 98 degrees in Las Vegas with south winds 10-20 mph and wind gusts up to 30 mph.
A RED FLAG WARNING is in place from 10am to 9pm Monday for gusty winds and dry weather, so if a fire started, it would spread quickly.
Winds are estimated to be 20-25 mph with gusts around 40 mph at times with relative humidity of 5%-15%.
Air quality is ranked ‘good’ to ‘moderate’ for dust and tree pollen. The most common pollens are juniper, cedar, willow, sycamore and palm.
TONIGHT
We’ll see variable clouds this evening with skies going from mostly cloudy to mostly clear overnight.
Wind gusts will pick up again before midnight with gusts 30-40 mph possible downslope of the Spring Mountains in the west valley.
Elsewhere, gusts will be 20-30 mph. Breezes will eventually back down to 5-15 mph overnight. Valley lows will drop to around 74 degrees.
WHAT’S NEXT
We have reached 109 consecutive days without measurable rain in Las Vegas.
No rain is in sight, but for perspective, June is the driest month of the year in Las Vegas. Fingers crossed on a hopefully more active monsoon season!
High pressure builds next with highs 5-10 degrees above normal. Temperatures will reach around 108 degrees in Las Vegas by Friday. The last time we hit a high temperature of 108 degrees was back on August 20th of last year.
Not much relief is in sight by the weekend with highs around 107 degrees and temps at or above 105-106 degrees NEXT Monday through Wednesday.
Growing DNA databases continue to unlock decades-old cold cases. How the DNA Doe Project helped to identify remains 37 years later.
© KSNV, NBC News Channel
First team
Ty Ahlstrom, Centennial – The junior had 373 digs and was a first-team 5A all-state libero for the 5A state runner-up.
Evan Ditmar, Palo Verde – The senior first-team 5A all-state outside hitter had 187 kills with a .328 hitting percentage.
Luke Hashimoto, Arbor View – The senior had 302 digs and 37 aces for the 5A state champion.
Porter Hughes, Basic – The senior had 373 kills with 218 digs and 38 aces for the 5A state semifinalist.
Lincoln Larson, Centennial – The senior was the 5A state player of the year and was second in the state with 460 kills, on a .371 hitting percentage, and added 283 digs and 72 aces for the 5A state runner-up.
Jagger Mendenhall, Palo Verde – The senior first-team 5A all-state setter had 414 assists.
Risden Miller, Arbor View – The junior led the 5A state champion with 279 kills and added 173 digs.
RJ Regalado, Centennial – The senior had 723 assists and was a first-team 5A all-state.
Max Romzek, Shadow Ridge – The junior had 152 kills on a .437 hitting percentage with 66 blocks for the 5A state semifinalist.
Mateo Salomon, Shadow Ridge – The sophomore had 169 kills with a .374 hitting percentage for the 5A state semifinalist.
Keagan Sugden, Arbor View – The junior setter led the state with 1,129 assists for the 5A state champion.
Mau Tuiaana, Centennial – The senior had 162 kills on a .397 hitting percentage, 92 blocks and 147 digs for the 5A state runner-up.
Kenyon Wickliffe, Arbor View – The senior had a .477 hitting percentage with 176 kills and 46 blocks for the 5A state champion. He is committed to Cal State Northridge.
Jacob Wienke, Desert Oasis – The senior was the 4A Mountain League player of the year led the Diamondbacks with 290 kills and 154 digs on their way to the 4A state title.
Coach of the year
Nicole Adarme, Arbor View – Guided the Aggies to the Class 5A state title, the program’s first boys volleyball title.
Second team
Graham Blanchard, Arbor View – The senior had 179 kills, 32 aces and 136 digs for the 5A state champion.
Zelworth Chavis, Liberty – The 4A Lake League player of the year had 731 assists and 64 aces for the 4A state semifinalist.
Zavier Coleman, Shadow Ridge – The senior had 139 kills and 136 digs and was a first-team 5A all-state selection.
Andrew Gutierrez, Palo Verde – The junior had 153 kills 35 aces and was a first-team 5A all-state outside hitter.
Ty Hardy, Basic – The senior had 274 kills and 257 digs for the 5A state semifinalist.
Ty Harper, Shadow Ridge – The senior had 211 digs and was a first-team 5A all-state selection for the 5A state semifinalist.
Kaleb Law, Mojave – The senior was the 4A Sky League player of the year and was second in the state with 436 kills on a .457 hitting percentage with 69 blocks, 55 aces and 249 digs to help the Rattlers reach the 4A state semifinals.
Oakland Liugalua, Cadence — The freshman had 406 kills on a .396 hitting percentage with 154 digs and 57 aces.
Gavin McColl, Centennial – The senior had 154 kills on a .333 hitting percentage with 94 blocks for the 5A state runner-up.
Brad Rappleye, Sky Pointe – The junior was the 4A Desert League player of the year and had 187 kills and 78 blocks to help the Eagles reach the 4A state title game.
Levi Randall, Boulder City – The junior had 149 kills with a .477 hitting percentage and 92 blocks for the 3A state champion.
Yeheshua Ruiz, Foothill – The senior had 157 kills with a .426 hitting percentage with 70 blocks and was a first-team 5A all-state selection.
Preston Van Beveren, Boulder City – The senior had 137 kills on a .457 hitting percentage with 99 blocks, 27 aces and 141 digs for the 3A state champion.
David Zwahlen, Boulder City – The 3A state player of the year had 232 kills with a .364 hitting percentage, with 337 digs and 70 aces.
Honorable mention
Aaron Bagalawis, Mojave
Treyden Baltazar, Coronado
Kaden Co, Liberty
Jayden Elliazar-Keiki, Shadow Ridge
Ben Fife, Palo Verde
Dallas Hashimoto, Sky Pointe
Jacob Hutchings, SLAM! Nevada
Tucker Jenkins, Sky Pointe
Makai Kelley, Sky Pointe
Gibson Lamoreaux, Boulder City
Quintrell McGee, Mojave
Zion Moore, Shadow Ridge
Hunter Perkins, Cheyenne
Gunnar Robinson, Arbor View
Thomas Rowley, Coronado
Easton Smith, Desert Oasis
Spencer Stolworthy, Moapa Valley
Cooper Swenson, Centennial
Parker Teal, Centennial
Toller Trummell, Foothill
Jordan Valdez, Liberty
Owen Wenger, Arbor View
Luke Wilkinson, Coronado
Contact Alex Wright at awright@reviewjournal.com. Follow @AlexWright1028 on X.
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