Las Vegas is the Entertainment Capital of the World.
But you need to understand that Vegas is not just a gambling and party city. We also serve as a leading financial, cultural, and commercial center not just for Nevada but for the entire US. Las Vegas ranks highly as one of the biggest income-generating cities in the country. And there are many ways in which the city makes money, but the primary way is through gaming, and specifically casinos.
Have you ever asked yourself how much a Las Vegas casino makes in a day? According to Forbes, casinos across Nevada brought in $14.8 billion just in gambling revenue in 2022, a new annual record according to the Nevada Gaming Control Board. It increased 10.5% from the 2021 revenue, which was a previously set record of $13.4 billion. Yes, it’s true what you heard; Las Vegas casinos rake in huge profits.
Today, I’m going to break down the $$ average Las Vegas casino makes in a day.
Read on.
Before we get into how much a Las Vegas hotel and casino makes in a day, let’s talk about how it makes money.
Income for a Vegas casino comes from a mix of gaming, dining, nightclubs, hotel, shows, retail, and many more. All these things contribute significantly to the casino’s bottom line.
Let’s take MGM Resorts as an example. It operates diverse properties in the city, including MGM Grand, Mandalay Bay, Cosmopolitan, New New York York, Park MGM, Excalibur, the Bellagio, and Luxor. When you want to know how much they earn, you must calculate the revenues from the casino (which, of course, brings in the most money), rooms, food and beverages, entertainment, retail, etc.
Before the pandemic, Vegas casinos’ annual earnings ranged from $4-13 billion. For the smaller casinos, the gains were about a few hundred million dollars annually. For example, in 2017, a casino on the Las Vegas Strip made an average of $1.8 million daily, with $634,000 coming from gambling alone. In 2018, the earnings jumped to $1.9 million and $662k, respectively. But in 2019, the pandemic hit, and the earnings dropped to about $356k from gambling.
In 2020, the pandemic peaked, and the earnings reduced significantly.
For this, let’s examine individual casinos.
Caesars Palace was where the “Hangover” movies were made. It’s controlled by Caesars Entertainment, a company that also operates Harrah’s, The Horseshoe, and more. Caesars Entertainment reported net revenues totaling $1.7 billion for the first quarter ended March 31, 2021. This means that it earned an average of $16 million per day. In 2022, the figures were higher. This trend is expected to continue in 2023.
MGM Resorts is one of the biggest casino operators in Las Vegas. In the first quarter of 2021, it reported revenues totaling $1.6 billion, meaning that its daily earnings were at least $16 million. In 2022, this number increased. It’s expected to do the same in 2023.
This trend witnessed by Caesars Entertainment and MGM Resorts is the same across the Strip. Business is booming.
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This content was originally published here.