- Nevada gaming area
Since 1971, the Nevada Gaming Control Board (NGCB) publishes an annual Abstract summarizing gaming and non-gaming revenue for the entire state. The document is roughly 250 pages long. Detailed data is provided for different groups of casinos, organized by geography, size (according to gaming revenue), and public corporations vs. privately owned. Nevada State Gaming law NRS 463.120. requires that financial information for individual casinos be kept in confidence.
The names of the resorts in any category is often speculated on but a definitive list is not revealed by the NGCB in accordance with state law. A category known as casinos with gaming revenue above $72 million per year has been in use for over 20 years. However, independent analysis conducted by Frank Martin has revealed the names of the resorts for Fiscal Year 2008.
Gaming Revenue Depression
Monthly revenue from October 2007 represent the highest yearly moving average (i.e. 12 months ending October 2007). The 12 month moving average ending October 2009 is the same as the 12 months ending October 2004 (so gaming is now down to what it was five years ago). The pit revenue for the state is shown in the graph. Slot revenue also dropped a billion and a half dollars since October 2007. Blackjack gaming revenue is down to the 1997 levels.
Statewide Gaming Revenue For Pit Baccarat is the only table game that has completely recovered from the depression.
Large Revenue Casino Resorts
One statewide category is Statewide Casinos with Room Facilities with Gaming Revenue of over $72 million a year. The document indicates that there are 45 locations that qualify for this category in fiscal year 2009 (1 July 2008 - 30 June 2009). Five of the locations are Not Publicly Owned which means they also have no public debt. There are 23 properties located on the strip, 13 more in urban Las Vegas, 3 in Laughlin, and the final 6 in Lake Tahoe and Reno area.
The aggregate of the 45 casinos earned about 71% of the gaming revenue for the state, and over 70% of the non-gaming revenue. These properties averaged $190 million in gaming revenue and $227 million in non-gaming revenue.
Top 6 Revenue Casino Resorts
The NGCB abstract gives the total revenue (gaming and non-gaming) for the strip resort ranked #6, but it does not give the names of the top casinos. It can be presumed that they are the following resorts in the table below
The top 6 licenses in FY 2008 all had at least $942 million in total revenue. LOC # LICENSEE Table Games Rooms 01888-07 WYNN /ENCORE LAS VEGAS 263 4,750 01957-05 VENETIAN CASINO RESORT 247 8,108 01297-02 CAESARS PALACE 172 3,348 02982-07 MGM GRAND HOTEL/CASINO 172 6,852 00655-05 BELLAGIO 168 3,933 00022-03 MANDALAY BAY RESORT & CASINO 127 3,309
Number of Properties in Other Revenue Groups
The names of the individual properties in lower revenue groups is more of interest to a potential investor as a top level analysis of the property revenue.
Nevada Statewide Resorts for Fiscal Year 2008 Room Facilities Gaming Revenue Ave. Gaming Revenue Num. of Locations % of State Gaming Revenue yes Over $72 million,
$250.4 23 47.8% yes Over $72 million,
Rest of State
$131.4 24 26.2% yes $36 –$72 million $48.5 34 13.7% yes $12 –$36 million $21.6 29 5.2% yes $1 –$12 million $4.7 36 1.4% no Over $1 million $5.7 120 5.7%
Smaller Publicly Owned Casinos
This table is restricted to casinos that earn more than $12 million in gaming revenue in FY08. The previous table for gaming revenue greater than $72 million lists 47 casinos (42 of which are publicly owned). The additional list is 36 casinos (for a total of 78 publicly owned casinos in the state). Properties may or may not have rooms. Status is as of June 30, 2008.
The highest profile resort on the strip area that did not exceed $72 million is the Hard Rock Casino. It should be noted that the company only secured their loan for expansion in June 2008 and began construction shortly thereafter. The trio of classic casinos on the strip from the 1950s, The Tropicana,The Riviera, and The Sahara earned less than $72 million in FY08. Since the list is re-evaluated from year to year, these casinos may have made it in the past. Local Casinos in the Las Vegas area like the Silverton Casino, the Fiesta Henderson, Fiesta Rancho did not surpass $72 million.
Nevada Statewide Publicly Owned Resorts Between $12 and $72 Million Fiscal Year 2008 LOC # COUNTY Corporation NAME 16017-03 Clark American Cas. EP ARIZONA CHARLIE'S BOULDER 03403-05 Clark Archon PIONEER HOTEL AND GAMBLING HALL 02912-01 Clark Boyd CALIFORNIA HOTEL AND CASINO 00210-01 Clark Boyd ELDORADO CASINO 00694-03 Clark Boyd FREMONT HOTEL AND CASINO 01018-07 Clark Boyd JOKERS WILD 03461-04 Clark Boyd MAIN STREET STATION HOTEL, CASINO AND BR 17586-04 Clark Hard Rock HARD ROCK HOTEL & CASINO 03005-04 Clark Harrah's Inc BILL'S GAMBLIN' HALL & SALOON 04157-05 Clark Herbst TERRIBLE'S HOTEL AND CASINO 17378-01 Clark Herbst BUFFALO BILL'S RESORT & CASINO 13810-01 Clark Herbst PRIMM VALLEY RESORT & CASINO 03373-02 Clark Herbst WHISKEY PETE'S HOTEL & CASINO 01949-04 Clark Landry's GOLDEN NUGGET-LAUGHLIN 10547-01 Clark MGM/Mirage GOLD STRIKE HOTEL AND GAMBLING HALL 00004-04 Clark MGM/Mirage RAILROAD PASS CASINO 02448-02 Clark MGM/Mirage SLOTS-A-FUN 00370-02 Clark MTR (since sold) BINION'S GAMBLING HALL & HOTEL 00015-04 Clark Riviera Holdings RIVIERA HOTEL & CASINO 16639-01 Clark STATION BARLEY'S CASINO & BREWING COMPANY 16666-02 Clark STATION FIESTA CASINO HOTEL 19166-03 Clark STATION FIESTA HENDERSON CASINO HOTEL 04737-04 Clark Tropicana RIVER PALMS RESORT CASINO 09430-01 Clark Tropicana TROPICANA EXPRESS HOTEL & CASINO 00360-04 Clark Tropicana TROPICANA RESORT AND CASINO 01620-05 Clark Virgin OASIS RESORT CASINO GOLF & SPA 13379-02 Clark Virgin VIRGIN RIVER HOTEL & CASINO 01190-03 Douglas Tropicana LAKE TAHOE HORIZON CASINO RESORT 03132-03 Douglas Tropicana MONTBLEU 00166-01 Elko Ameristar CACTUS PETE'S RESORT CASINO 19629-01 Nye Herbst TERRIBLE'S TOWN 03112-02 Washoe Herbst TERRIBLE'S RAIL CITY CASINO 01635-03 Washoe Herbst SANDS REGENCY, THE 02926-03 Washoe Jacobs GOLD DUST WEST 03431-01 Washoe MGM/Mirage CIRCUS CIRCUS HOTEL/CASINO - RENO 00519-03 Washoe Pinnacle BOOMTOWN RENO
Herbst Gaming owns a chain of 8 properties branded as Terribles. None of these properties are in the over $72 million category, but three are in the above list of $12 to $72 million properties. By elimination there are five TERRIBLE'S properties that are in the $1 to $12 million category. In addition there are 4 other company owned properties in the $12 to $72 million category that do not have the TERRIBLE'S brand name.
Herbst Gaming Name County Name Category 04157-05 Clark TERRIBLE'S HOTEL AND CASINO flagship ($36 to $72 million) 19629-01 Nye TERRIBLE'S TOWN PAHRUMP ($12 to $36 million) 03112-02 Washoe TERRIBLE'S RAIL CITY CASINO ($12 to $36 million) 00724-07 Clark TERRIBLE'S TOWN CASINO - HENDERSON 03520-03 Clark TERRIBLE'S TOWN CASINO - SEARCHLIGHT 16575-03 Lyon TERRIBLE'S CASINO - DAYTON 02058-04 Washoe TERRIBLE'S GOLD RANCH CASINO AND RV RESORT 17274-04 Nye TERRIBLE'S LAKESIDE CASINO
The Herbst corporation reports in their annual report that the combined NV casino operations generated $337 million,but does not segment the number by property, gaming, room charge, RV charges, food and beverage, or other.
Gaming Revenue Graph
Monthly revenue from October 2007 represent the monthly peak. It also is the highest yearly moving average (i.e. 12 months ending October 2007). The 12 month moving average ending October 2009 is the same as the 12 months ending October 2004 (so gaming is now down to what it was five years ago).
Statewide Gaming Revenue With Moving Average Months of Oct 2009 and Oct 2007 highlighted in yellow to show maximum and minimum
All casinos in state with Gaming Revenue Over $1m
Total casino count by county and county population on 1 July 2008 is in the table below. The NGCB is prohibited by state law from revealing financial information on individual casinos, so it reports detailed financial data on groups of casinos.
The NGCB divides the 8 casinos in Douglas County as 5 in the South Lake Tahoe region, while the remaining 3 casinos are grouped along with the 11 casinos in Carson City in a region called Carson Valley. Douglas County has a major mountain ridge passing through the county that can be traversed via route 207, passing higher than 8500'.
The 42 casinos in largely rural counties are grouped together for statistical purposes by the NGCB as the balance of counties.
A full list of all the licenses that earned more than $1m in fiscal year 2009 is available by reference.
Clark county contains Las Vegas, Washoe county contains Reno/Sparks area, Elko county is the main gateway to Utah, South Lake Tahoe is a principal tourist area, and Carson Valley contains the state capital.
FY2009 Casinos over $1m in gaming revenue Casinos County Road 1-Jul-08 FY07 $millions FY08 $millions FY09 $millions 149 Clark I-15 1,865,746 $10,538 $10,172 $9,081 32 Washoe I-80 410,443 $1,045 $977 $856 17 Elko I-80 47,071 $324 $303 $279 5 South Lake Tahoe Route 50 45,180 $283 $307 $264 14 Carson Valley Route 395 54,867 $120 $114 $102 42 Balance of counties 176,860 $170 $167 $148 260 Total 2,600,167 $12,481 $12,040 $10,729 Balance of counties (detail) Casinos County Road 1-Jul-08 12 Lyon County I-80 53,022 6 Churchill County I-80 24,896 6 Humboldt County I-80 17,763 3 Pershing County I-80 6,291 2 Lander County I-80 5,086 9 Nye County Route 160 44,375 3 White Pine County 9,199 1 Mineral County 4,684 1 Storey County 4,341 0 Lincoln County 4,898 0 Eureka County 1,628 0 Esmeralda County 677 43
The number of properties with revenue over $72 million has increased over the years (particularly outside of the strip). However, most of the large gains have been a result of mega resorts being built on the strip. The NGCB has not created a new category for the very large resorts (example: over $144 million). This hypothetical new category would probably contain at least ten resorts on the strip.
In 1990 the population of Clark County was 3/4 million (vs. 2 million today). The only locals casino likely to have broken $72 million in 1990 was Sam's Town (Palace Station is considered to be a strip casino by the NGCB). There are currently 8 casinos in northern Nevada and Laughlin that are currently over $72 million. In 1990 seven of them existed. The financial information controlled by the NGCB is confidential forever, and is not released even after 7 years.
The table shows Gaming Licenses that earned over $72m per year for Las Vegas Strip and for State of Nevada. Also the number of licenses which earned gaming revenue of over $1m per annum for the entire state are shown.
Properties connected by hallways are permitted to operate under one license at the discretion of the owner. For most of FY2008 Ballys and Paris operated under one license; Venetian/Palazzo, Wynn/Encore, and Mandalay Bay/THE Hotel operate under one gaming license.
Numbers of Properties with Different Levels of Gaming Revenue
Nov 2009 $10.36m
Fiscal Gaming Revenue % Strip > $72M State > $72M State > $1M 2009 $10,786,660,000 -13.1% 2008 $12,408,879,888 -0.6% 23 47 266 2007 $12,480,790,793 5.7% 23 48 270 2006 $11,809,095,031 10.8% 24 47 274 2005 $10,662,454,467 7.9% 24 46 268 2004 $9,883,510,737 6.8% 23 41 258 2003 $9,250,496,837 3.8% 23 42 256 2002 $8,911,540,280 -4.3% 22 39 249 2001 $9,310,594,712 positive 22 40 247 2000 $9,308,916,419 10.5% 22 39 243 1999 $8,426,224,115 8.8% 20 33 238 1998 $7,743,934,793 3.3% 20 33 238 1997 $7,493,752,537 1.4% 19 32 235 1996 $7,390,435,180 5.1% 19 30 229 1995 $7,030,994,404 8.1% 19 28 213 1994 $6,504,348,451 10.6% 19 28 207 1993 $5,880,592,442 5.3% 15 24 189 1992 $5,584,559,864 1.3% 14 23 192 1991 $5,513,297,150 11.3% 14 22 198 1990 $4,952,978,992 9.7% 13 20 182 1989 $4,514,157,698 10.2% 169 1988 $4,094,869,746 11.6% 165 1987 $3,667,783,405 12.4% 155 1986 $3,264,287,310 5.2% 145 1985 $3,103,770,229 5.5% 145 1984 $2,941,428,012 14.5% 145 1983 $2,569,785,000 138 1982 137 1981 136 1980 130 1979 125 1978 115 1977 108 1976 101
- ^ "CHAPTER 463 - LICENSING AND CONTROL OF GAMING". http://www.leg.state.nv.us/nrs/nrs-463.html.
- ^ "Downtown may lose a casino or two, analyst says". http://www.lvbusinesspress.com/articles/2008/12/03/opinion/columnists/spillman/iq_25371206.txt.
- ^ "Nevada Gaming Abstract for Fiscal Year 2008". http://www.gaming.nv.gov/documents/pdf/2009_abstract.pdf.
- ^ "2008 Annual report". http://ir.herbstgaming.com/phoenix.zhtml?c=130603&p=irol-sec&secCat01v1_rs=11&secCat01v1_rc=10.
- ^ Frank Martin (Dec 16 2009). "A complete list of all gaming licenses with more than $1 million in gaming revenue". Wikimedia Commons. http://upload.wikimedia.org/wikipedia/commons/8/8c/Statewide.pdf.
Nevada gaming areas as established by the Nevada Gaming Control Board Clark County
Boulder Strip • Downtown • Laughlin • LV Strip • Mesquite • North Las Vegas • Balance of County
Wendover • Balance of County
North Lake Tahoe • Reno • Sparks • Balance of County
Carson Valley Area • South Lake Tahoe • Other
Statewide Nevada gaming area
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