The Nevada Gaming Control Board (NGCB) released the annual Nevada Gaming Abstract on Friday. The report consists of the performance of 272 casinos in Nevada that generate at least $1m or more of revenue in the financial year ending June 2017. The report reveals that the casinos have increased its profitability for the 2017 financial year even though the revenue increased slightly. The total revenue for the 2017 financial year garnered by the 272 casinos is $26.2 billion. The revenue is up by 3.7% from the previous year. The astounding statistic, which NGCB evaded to explain, is the increase in profitability by 59%. The total profit of the 272 casinos was $1.55 billion, a huge contrast to its $661.8 million loss in the 2015 financial year.
The 2017 financial year proved to be lucrative for casinos on the Las Vegas strip. The casinos reported a revenue increase of 3.9% and profits surged by 191,4% to $814 million. The casinos located in downtown, also, claimed to have had a good financial year. The casinos reported an increase in revenue by 10.3% and profitability increased by 111.3% to $110,3 million. Although casinos have reported an increase in revenue and profitability, the strip casinos have stated that its gaming revenue only comprised 34% of the total revenue.
New Chairperson of the NGCB
Senator Becky Harris was announced as the new chairperson of the NGCB by the Nevada governor’s office on Friday. Harris will take over the reign from A.G. Burnett, who occupied the position for 5 years before resigning. Nevada governor Brian Sandoval stated that Harris was the right appointment as she is a graduate of Master of Laws in gaming law and regulation, as well as being an affiliate of the political realm.
“She fit the bill as someone who was beyond reproach and willing to make difficult decisions,”
Harris’ designation makes her the first female chairperson of the NGCB. She will be reappointed in January 2019 as Burnett resigned a year before his term lapsed.
”This is the right opportunity for me,”