The Nevada Gaming Control Board posted the general results of the operators who operate on the territory of the state, which has been home of some of the biggest casinos in the country, especially considering the fact that it is home to Las Vegas. The official assessment of the January results indicated that the sector greatly benefited from a stable increase of 12% in the first month of 2017.
According to the report released by Nevada Gaming Control Board, the gaming revenue generated by the casinos across the state amounted to $1.04 billion over the first month of the year. This was a solid increase when compared to the result achieved over the same period a year earlier, with the casino gaming revenue amounting to $925 million in January 2016.
One of the senior research analysts who work at the Tax and License Division of the Nevada Gaming Control Board – Michael Lawton explained that the result was the highest one that has been reached since February 2013. He also commented on the winnings generated, saying that the result is really impressive. According to Mr. Lawton, the last time a result of $1 billion was generated was in July 2016, but the January result was even higher. He also added that generating a $1-billion revenue twice over the last seven months was undoubtedly a good sign for the casino industry in the state.
What is more, the strong result has contributed to the 3.8% increase in the casino revenues of $6.7 billion, which have been increasing since the beginning of the current fiscal year.
According to the Nevada Gaming Control Board report, the casinos located at the Las Vegas Strip accounted for $609 million, with the result representing a 26% rise. The gaming revenue generated at the casinos located in Downtown Las Vegas amounted to $55 million, which represents even higher growth of 32%. Unfortunately for the casinos at North Lake Tahoe, the revenue there declined by 30%. The casino and entertainment venues at the Elko County shared the same fate, generating a 12.7% decline.
Despite the great amount generated by local casinos, Lawton called January “a good month”, but explained he did not expect for such a result to be reached on a monthly basis. He also revealed that the massive increase over the first month of the year had been enhanced by the opening of the Lucky Dragon Hotel and Casino, as well as the celebration of the Chinese New Year in January, so according to him, the good timing also benefited for the excellent results.
- Author
Daniel Williams
