Nevada casinos posted profits in fiscal 2016, the first time the industry has been in positive territory since before the Great Recession.
This week, the Nevada Gaming Control Board released their annual Nevada Gaming Abstract, which showed the 273 gaming venues that earned more than $1m in revenue in the 12 months ending June 30, 2016 generated a combined income of $979m versus a net loss of $662m in fiscal 2015.
Overall revenue at state-licensed gaming venues reached $25.2b, up from $24.6b in fiscal 2015, and only around $100m off the all-time peak of $25.3b in fiscal 2007. Casinos also trimmed their overall costs by 7.7%, with significant cuts in payroll (-21.9%) interest payments (-20%) and general and administrative expenses (-17.2%).
Gambling’s share of overall revenue continued to decrease, falling from 43.2% in 2015 to 42.6% in 2016. This waning influence was even more pronounced on the Las Vegas Strip, where gaming’s share of the overall pie fell to 34.2%, down 0.7 points from 2015.
Tribal recognition & casino talk The Ridgefield Press - Three state recognized tribes that are seeking federal recognition could push to open more casinos across Connecticut, which has local officials worried about traffic and land claims in the area.
The Golden Hill Paugussetts in Colchester and Trumbull, the […]
Casinos Applaud California Internet Cafes Court Ruling American Gaming Association (AGA) Senior Vice President of Public Affairs Sara Rayme issued the following statement after the California Supreme Court ruled that Internet sweepstakes cafes are illegal:
“Today’s ruling affirms what we already knew: Internet sweepstakes cafes are […]
Malaysian Casino Raid Nets 33 Arrests On June 21st 2015, it was reported that in Subang Jaya, police detained 33 gamblers. These gamblers included college students from Singapore, Italy and Iran. The raid came in the early morning after a tip off from the public on the 20th.
It has been said by the Oriental Daily that the […]