Vegas Net Income drops

While everybody complains about Vegas prices it looks like even with the high prices net income is dropping

During the FY24, 307 casinos in Nevada grossed $1 million or more. Together, they generated net income of $2.6 billion from total revenue of $31.5 billion, according to the Gaming Control Board. While net income fell by $838.2 million or 24.4% from $3.4 billion, total revenue rose 5.5% from $29.8 billion.

Every market statewide recorded lower net-income totals compared to FY23, according to Michael Lawton, economic analyst for the Gaming Control Board. The Strip had $21.8 billion in total revenue, a 6.8% increase over 2023, while operators reported $820.2 million in net income, a decline of 40.4%.

https://cdcgaming.com/las-vegas-casinos-fy24-net-income-declines-40-4-despite-6-8-revenue-increase/#:~:text=Nevada%E2%80%99s%20casinos%20reported%20a%20record%20%2431.5%20billion%20in,released%20its%20annual%20Nevada%20Gaming%20Abstract%20Friday%20afternoon.

Gee, stupid Tom, did you know that casinos get a large portion of their income from....GAMBLING???

Therefore, if their gambling revenue drops, so will their income. That's what happened.

The fact of the matter is that the casinos' high prices reduced visitors' gambling stake, so what they gained in profit from hotel operations, they lost that much and more from a reduction in gambling income. Higher prices mean shorter stays. They're ultimately counterproductive.

Vegas used to know that bargain room and food prices brought in increased gaming revenue. Now, they want to make every aspect of their operations super-profitable.

People are starting to vote with their feet.   Based on my own experience and several people on this board - we are spending less time on the Strip and downtown.....some of us  forgoing Vegas alltogether.

Voting with your feet is the only way the casinos will treat you right again.    

Look at the recent Vegas News for a link to an article on this.

Vegas resort management has been cutting off their noses to spite their faces with these gouge trends since the 1990's. Wynn's all-inclusive resort offerings at the Mirage...6:5 blackjack natural payoffs..and much later the aftermath of the 2008/2009 financial crisis and the subsequent  Covid pandemic rebound thing all contributed to the casino "charge for everything" mentality. Pricing just continues to escalate in almost every facet. I certainly agree that voting with one's feet in protest might eventually get their attention.

What's further concerning is the fact that the economy in general could combust / deconstruct. That'll drive demand and prices down..perhaps to the point the resorts will beg for our patronage again .. the bastids..

Therefore, if their gambling revenue drops, so will their income. That's what happened.

As usual 3rd grade kevin shows he can't read.

Gaming revenue accounted for $11.28 billion (35.8%) of total revenue, with statewide gaming revenue up 3.4% and the Strip up 4.9%

The article shows that revenue was up in 2024, but expenses outstripped revenue, thus the decline in income.

No arguments here.  My group of 18 will be in Laughlin in early November.  The difference between me and some on this site is this.  Some, or maybe only one, wants goverment to run room prices and gambling odds.  I want people to vote with their feet.