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The Las Vegas gambling industry saw its sharpest decline in revenue ever for 2017.
Generating $26 billion in total revenue, Nevada gaming regulators say it is a new record low for Vegas.
But one shouldn't shed a tear for Sin City.
The gambling hub shattered revenue records in all other areas including hotel rooms, accounting for $6.16 billion (23.6%), food sales, accounting for $3.89 Billion (14.9%), and beverages, making up $1.8 billion (6.9%).
Casinos generated net income of $1.55 billion from total revenues of $26.17 billion. This marked the first time total revenues surpassed the $26 billion mark.
Actually gambling, however, did take a hit, taking in $11.11 billion, which was 42.4 percent of total revenue. That marks an all-time low percentage for the casino industry, based on historical data compiled by the University of Nevada Las Vegas. The previous fiscal year was 42.64 percent.
By comparison, in 1984, casino gambling revenue represented 61.9 percent.
In recent years, Las Vegas has tried to market itself as more than just gambling and these numbers appear to indicate that campaign is working.
- Aaron Goldstein, Gambling911.com
