Downtown Las Vegas was the talk of the day throughout 2016. Resorts within downtown attracted many gamers who in turn helped boost her revenue collection. Because of that, gaming complexes within the town’s proximity were on the news as the best performers in revenue percentage gain in 2016. Read Atlantic City Casinos Record A 3 Percent Rise In November 2016.
Among the gaming resorts that attracted massive revenue collection were Downtown Grand, D Las Vegas, and Golden Nugget. All these facilities are at the bustling entertaining hub of the Fremont Street Experience, which helped in the creation of real money casino gambling sites.
Although other casinos collected a fair amount of revenue throughout the year, Nevada Gaming and Control Board say on its annual Gaming Abstract that the report comprised those resorts whose gross revenue hit $1 million.
According to the report, aggregate income from hotel rooms, gaming, food and beverages, and other related attractions amounted to over $1.1 billion. The gaming sector alone gathered over $549.5 million. This was a 3.9% rise from 2015 fiscal year. Click here to get the best mobile casino bonuses.
The increase in revenue collection in downtown was attributed to the amount spent on redevelopment.
Michael Lawton, an analyst with the Nevada Gaming and Control Board said, “The success can be attributed to redevelopment of properties by developers who’ve seen the need to add to what they already have. There have been flight programs and additional bodies such as the Downtown Project, which have proved to be helpful for the market in Las Vegas downtown,” said Lawton.
Although privately funded, the Downtown Project, an organization for–profit, has on recent years worked tirelessly to revitalize the northern side of Las Vegas Strip. The project’s efforts seem to be bearing much fruit to the area.
Casinos Led The Way
Although the report indicated that Las Vegas’ Downtown recorded a big gain in revenue collection, many believe that the year was good for casinos statewide.
A section of the gaming floors where the study was conducted indicated that gamers used over $10.76 million in betting alone. The figure is a 1.3% increase from the previous year.
The report goes on to say that 273 gaming facilities in Nevada collected $1 million and above. More than a half of these casinos, precisely 159 casinos are in Clark County.
Another biggest revenue collector was the hospitality department. The state’s total collection from resorts was $25.2 billion. Out this, the state received approximately $979 million in tax, a colossal increase from 2015 when most gaming resorts in Nevada lost approximately $661.8 million.
As 2016 closed, most resorts made a fortune, making 2016 the best year for the gaming industry since 2007.
Whether 2017 will follow suit is a wait and see the situation. However, it is expected that just as Nevada developers did especially in the Downtown area, many good things lie ahead.