South Shore casinos earn $14 million in 2016

It was a winning year for Nevada casinos as they turned a $661.7 million loss in 2015 into a $978.9 million gain in net income during Fiscal year 2016 (FY16).

There are 273 casinos in Nevada that have gross receipts of $1 million or more, and together they had $25 billion in total revenue during the year. Total revenue is the money spent by patrons on gaming, rooms, food, beverage, and other attractions.

Net income/loss is the money retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for extraordinary expenses.

On the South Shore of Lake Tahoe, total revenue was up 5.1 percent at $375 million but gaming revenue was $199.6 million, down 1 percent. Overall, the licensees on the South Shore had a net income of $14.1 million in FY16.

This income was a dramatic change for the South Shore where 2015 saw a net loss of $150.8 million. It isn't gaming revenues that are doing it for Tahoe, but a room revenue gain of 22.3 percent and a full year of activity at the Hard Rock Lake Tahoe.

Just as it was across the state, Tahoe's gain was also a result of decreases in general and administrative expenses. South Shore casinos spent $149.4 million less in this category.

The Carson Valley area, with 15 casinos, generated net income of $8.3 million.

Gaming Control Board Analyst Mike Lawton said 2016 was a $1.6 billion swing compared to the $661.8 million net loss the 273 properties reported in 2015 and the first time those casinos have reported a positive net income since fiscal 2008.

Total revenue for all departments in those resorts came in at $25.2 billion, up $643.5 million from the previous year. That’s the sixth consecutive increase in total revenue, now just a percent under the record reported in 2007.

Gaming revenue accounted for $10.7 billion, or 42.6% of total revenue. These 273 casinos paid $821.7 million in gaming taxes and fees, equating to 7.6 percent of their gaming revenue.