The 296 casinos in Nevada that had gaming revenue of at least $1m managed to generate total net income of $4.1bn in the 2022 fiscal year. The Nevada Gaming Control Board released the full-year figures on Thursday. Nevada’s fiscal year begins on July 1 and goes up to June 30 in the next calendar year.
smashed the previous record of $2.9bn set in the 2020 fiscal year
The 2022 net income total smashed the previous record of $2.9bn set in the 2020 fiscal year. It also represents a massive bounce back from the net loss of $206m that Nevada casinos suffered during the 2021 fiscal year as a result of pandemic-related struggles.
With casino revenue reaching $26bn for the fiscal year 2022, Nevada casinos saw a profit margin of almost 16%. It marked the second-highest total revenue figure of all time, with the record still standing at $27bn from 2018. Nearly 41% of the 2022 figure was gaming revenue.
Casinos in the state spent more than $2.9bn on complimentary expenses to VIP patrons in the 2022 fiscal year. The state benefitted from $1bn in gaming taxes and fees during the period, representing almost 10% of total gaming revenue.
A great recovery for the Strip
Las Vegas Strip casinos generated $1.8bn in net income in the 2022 fiscal year, a 74% year-on-year increase. Occupancy rates on the Strip were also up significantly from the prior year, with the average daily room rate at around $196.37. Resorts had an 83% occupancy rate for the period.
24th consecutive year that gaming revenue was less than half of the total
Room, beverage, food, and other revenue made up 70% of the Strip’s total revenue of the 2022 fiscal year, with gaming revenue making up the rest. It is the 24th consecutive year that gaming revenue was less than half of the total.
All of the gaming markets across Nevada, bar one, saw year-on-year rises in net income. The only exception was the South Shore Lake Tahoe area which was hurt by wildfires. The total number of casinos generating at least $1m in gaming revenue dropped by six locations to 296.
For the most recent fiscal year, the 56 casinos under the ownership of public companies made up nearly 68% of the state’s total gaming revenue. It was a good year for employment figures, with the average number of people employed in the sector increasing by 20% to 133,412. This was still below 2019 levels of 162,066 total workers.