Nevada gaming area

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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.[1] 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.[2]

Gaming Revenue Depression[edit]

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.
Pit-statewide.png

Large Revenue Casino Resorts[edit]

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).[3] 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[edit]

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[edit]

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,
Strip Only
$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[edit]

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.[4]

Gaming Revenue Graph[edit]

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[edit]

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.[5]

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

Previous Years[edit]

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

See also[edit]

References[edit]