Latest news with #NevadaGamingControlBoard
Miami Herald
11-06-2025
- Business
- Miami Herald
Why Tilman Fertitta became Wynn Resorts' top shareholder
The Nevada Gaming Control Board on Wednesday recommended Wynn Resorts Ltd.'s top shareholder and its chief operating officer suitable for licensing in Kirk Hendrick's last meeting as board chair. Board members voted unanimously to recommend Tilman Fertitta suitable as a beneficial shareholder of the company and Brian Gullbrants as an officer. Final approval of licensing is expected by the Nevada Gaming Commission on June 26. Fertitta is owner of Landry's Inc., which controls the Golden Nugget casino franchise and has properties in Las Vegas, Laughlin and Lake Tahoe, is owner of the National Basketball Association Houston Rockets and is Wynn's top shareholder. In April, Fertitta acquired 400,000 shares of Wynn through a company buyback program to bring his total to 13 million, roughly a 12.3 percent stake. In May, Fertitta said he was forging ahead on a Strip project, an as-yet-unnamed 43-story, 2,420-room resort on 6.2 acres on the southeast corner of Las Vegas Boulevard and Harmon Avenue. Later that month, he paused the direct oversight of his business portfolio to take a Trump administration appointment as ambassador to Italy and San Marino. Fertitta, a cousin of Red Rock Resorts executives Frank and Lorenzo Fertitta, was required to resign from his business holdings to comply with federal ethics rules, but is allowed to own shares and collect dividends as a passive investor in Wynn. Fertitta did not attend Wednesday's meeting, and his attorney, Steven Scheinthal, said that on Wednesday Fertitta was moving his possessions to Italy. Scheinthal said Fertitta is unhappy with Wynn's recent stock price and with some of the company's recent management decisions, but believes in the company's investment in a resort in the United Arab Emirates, Wynn Al Marjan Island, which will open in 2027. In the past month, Wynn shares have dipped around $10 a share to Friday's closing price of $84.70 a share. Gullbrants recommended Gullbrants, who opened Encore Boston Harbor for the company in 2019, later moved to Las Vegas and became chief operating officer North America, overseeing both Las Vegas resorts and the Boston operation. Gullbrants, also an officer on the Las Vegas Convention and Visitors Authority board of directors, addressed the many management changes that have occurred at Wynn since former CEO Steve Wynn left the company in 2018. He also stressed the importance of company culture, respect among employees and regulatory compliance. In May, Wynn Resorts was disciplined by the Nevada Gaming Commission with a $5.5 million fine resulting from the discovery of an illegal scheme to recruit high-rolling gamblers through unlicensed money transmitting businesses. Wednesday's meeting was the last one for Hendrick, who announced in January that he planned to step down as chairman at the conclusion of Nevada's 2025 legislative session. In April, it was announced that Mike Dreitzer, former CEO of Gaming Arts LLC, a privately held Las Vegas-based gaming equipment supplier that holds more than 150 gaming licenses, would take the chairman's role in July. Dreitzer also served in the Nevada attorney general's office. Throughout Wednesday's meeting, Hendrick was applauded by applicants and attorneys for the 2½ years he has served as chairman. ___ Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
28-05-2025
- Business
- Yahoo
Nevada casino win drops statewide and on the Strip as Las Vegas visitor numbers plunge
LAS VEGAS (KLAS) — Casinos are struggling to match last year's pace, and a $1.27 billion statewide win in March is the worst for the month since 2021 when the pandemic was still interfering with tourism. Statewide, the March gaming win was down 1.11% statewide, and 4.78% lower on the Las Vegas Strip, which fuels more than half of Nevada's winnings. Strip casinos won $681.67 million in March, according to figures released Tuesday by the Nevada Gaming Control Board. Nevada won a record $1.46 billion in December, but concerns about the economy have emerged in the months since. LAST MONTH: Nevada casinos retreat from December-January wins, 2024 Super Bowl hype Year-over-year declines prompted speculation that tourism could be in trouble, and visitation numbers released by the Las Vegas Convention and Visitors Authority (LVCVA) on Tuesday reinforced that. An estimated 3,386,800 visitors came to Las Vegas in March, down 7.8% from March 2024. Lower numbers statewide and on the Strip were balanced somewhat by a good month from downtown Las Vegas casinos, which won $85.0 million, up 11.59% compared to last year. Casinos on the Boulder Strip also had a good month at $78.3 million, up 10.23%. A win of more than $1.25 billion used to be impressive, but March's statewide total only ranks around 25th on the all-time list now. The months ahead will bring reminders that the room count in Las Vegas has been going down, with the April 2024 closing and eventual implosion of the Tropicana (1,470 rooms) and the temporary shuttering of more than 3,000 rooms at The Mirage, which is rebranding as a Hard Rock International resort. Another factor: Comparisons to previous years have been tough lately, particularly after Super Bowl LVIII was played in Las Vegas and the F1 Las Vegas Grand Prix launched in November 2023. High rollers at the baccarat tables on the Strip lost more than $73 million in March, but that was 34.27% less than they lost in March 2024. By comparison, baccarat play during the record month of December brought in $197.2 million. RECORD: Nevada casinos beat all-time record in December, all of 2024; Las Vegas Strip posts 2nd-highest win ever For the fiscal year (July 1, 2024-June 30, 2025), Nevada is 1.14% behind last year's pace. Nevada collected $79.3 million in percentage fees so far this month (April 1-26). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-05-2025
- Business
- Yahoo
Las Vegas Strip casinos win less, despite better luck at baccarat tables
LAS VEGAS (KLAS) — April, typically one of the slower months for Nevada casinos, brought more declines as the state reported winnings on the Las Vegas Strip down nearly 3% compared to April of last year. And it could have been much worse if not for a big bump at the baccarat tables, where players lost more than $108 million for the month. Casinos benefited from this, as the win jumped by about 48% compared to March and 41% compared to April 2024. The biggest haul came from multidenominational slot machines, which brought in $652.5 million statewide, more than an 11% increase over April 2024. The Nevada Gaming Control Board reported statewide casino winnings of $1.23 billion, down 0.47% from April 2024. The Strip took in $646.87 million, down 2.88% compared to a year ago. LAST MONTH: Nevada casino win drops statewide and on the Strip as Las Vegas visitor numbers plunge Recently, comparisons to last year have been skewed by Super Bowl LVIII in February 2024. Now the playing field has leveled out a little. The Strip lost a big chunk of rooms a year ago when Tropicana Las Vegas closed on April 2, 2024. This month's numbers were more of an apples-to-apples comparison, although a drop in Canadian tourism and other international travel to Las Vegas is still feeling a pinch. Another factor — the temporary shutdown of The Mirage as it rebrands as a Hard Rock International property — will bring another correction in July. March comparisons suffered from a big drop in Las Vegas visitation, which might have been impacted by 3.5% fewer hotel rooms available compared to 2024 levels. Locals casinos grouped under the 'balance of Clark County' in the gaming win report showed steady results, bringing in $164.1 million — the second-highest total behind the Strip. That was an improvement of 0.52%. Extended Las Vegas tourism slump shows April visits down 5.1% The Boulder Strip and North Las Vegas both showed improved winnings, and Reno also had a positive month in comparison to April 2024. Here's a breakdown of some geographical areas in the report, with April win totals and comparisons to April 2024: Las Vegas Strip: $646,870,396 (-2.88%) Balance of Clark County: $164,095,072 (+0.52%) Boulder Strip: $89,892,346 (+8.14%) Downtown Las Vegas: $83,632,269 (+1.03%) Reno: $64,699,483 (+9.15%) Laughlin: $40,177,477 (-7.64%) North Las Vegas: $24,882,015 (+4.36%) Wendover (Elko County): $22,278,053 (+10.09%) Mesquite: $17,912,271 (+6.58%) South Lake Tahoe: $16,632,183 (-7.57%) Nevada casinos are about 1% off the pace set during the previous fiscal year (July 1-June 30), despite the highest win totals in the state's history coming in December 2024 and January 2025. Percentage fee collections so far in May (through May 23) were just over $68 million. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
01-05-2025
- Business
- Miami Herald
Las Vegas Strip casinos face a distressing trend
As consumer confidence keeps plummeting, the Conference Board's Expectations Index continues flashing red lights and sounding alarms that a recession could be right around the corner. The Consumer Confidence Index has fallen for five straight months after rising for two consecutive months in October and November 2024. Don't miss the move: Subscribe to TheStreet's free daily newsletter The index declined by 7.9 points in April to 86, while the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, fell 12.5 points to 54.4, the lowest level since October 2011 and far below the threshold of 80 that usually signals a coming recession. Related: Las Vegas Strip casino signs popular singer for longer residency The Consumer Confidence Index measures consumer confidence in business conditions, the economy, and the labor market, through a monthly survey conducted by tech firm Toluna for the Conference Board, a non-partisan, not-for-profit think tank. Conference Board's Consumer Confidence Index also fell by 7.2 points in March to 92.9, and the Expectations Index dropped 9.6 points to 65.2. The Expectations Index in March was well below the threshold of 80 that signals a coming recession, the Conference Board said in a March statement. The index had plummeted in February by 7.4 points to 74.8. Consumer confidence in March may have played a role in plummeting Las Vegas Strip gaming win revenues in the same month, as total gaming win revenue declined by 4.78% to $681.6 million compared to $715.8 million in March 2024, according to the Nevada Gaming Control Board's March 2025 Win Revenue Summary. Related: Las Vegas Strip casino signs legendary rock band to new residency The Strip's fiscal year gaming win revenue from July 2024 through March 2025 also declined by 3.35% to $6.65 billion compared to $6.88 billion in the same period in 2024. More Las Vegas: Las Vegas Strip Sphere signs another superstar band residencyLas Vegas Strip casino closes country superstar's residencyLas Vegas Strip casino signs global superstar singer to residency Remarkably, Downtown Las Vegas bucked the declining trend with an 11.59% increase in gaming win revenue in March to $85 million compared to $76.1 million in the same period in 2024. Reno also saw a large increase by 10.9% to $57.6 million compared to $52 million in the same month in 2024. The Nevada Gaming Control Board did not state a reason for the significant revenue increases in Downtown Vegas and Reno. Nevada's statewide gaming win revenue for March declined by 1.1% to $1.27 billion compared to $1.29 million in the same period in 2024. The state's gaming win revenue also declined by 1.1% to $11.78 billion compared to $11.91 billion in the fiscal year from July 2024 to March 2025. Nevada's gaming win revenue had a much larger decline in February, dropping by 9.28% to $1.27 billion compared to $1.34 billion in the same period in 2024. The fiscal year gaming win revenue also declined 1.14% over the previous year. The Las Vegas Strip had a bad month in February as gaming win revenue declined by 13.78% to $690 million compared to $800 million in the same period in 2024. Fiscal year gaming win revenue fell by 3.18% to $5.97 billion compared to $6.16 billion in the same period of 2024. Downtown Las Vegas gaming win revenue for February also declined by 4.91% to $72.4 million from $76.2 million in 2024, and Reno's win revenue fell by 6.44% to $56.2 million compared to $60.1 million in the same period in 2024. The Nevada Gaming Control Board did not comment on any of the results. Related: Las Vegas Strip casino closes iconic bar and lounge The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Time Business News
29-04-2025
- Business
- Time Business News
A beginner's guide to choosing the right bookkeeping service in Las Vegas
Running a business in Vegas is like playing blackjack—you need to know the rules, keep an eye on the numbers, and avoid costly mistakes. But what if your accountant doesn't know the house rules? Whether you're a seasoned casino operator, a bustling nightclub owner on the Strip, or a family-run restaurant on Fremont Street, financial missteps can be costly. If your accountant doesn't understand the ins and outs of Las Vegas business compliance, you could be facing fines, tax penalties, or worse—a business shutdown. That's why choosing the right Las Vegas bookkeeping and accounting service is critical—and here's how to do it right. Before choosing the right bookkeeping service, it's essential to understand the city's business landscape and regulatory requirements—ensuring you find a provider equipped to handle your specific needs. Las Vegas businesses, especially in hospitality, gaming, and nightlife, deal with a significant amount of cash transactions. While cash flow can be lucrative, it also creates complexities in bookkeeping, such as: Tracking cash transactions accurately to prevent financial discrepancies. Preventing fraud and theft through proper internal controls. Staying compliant with IRS cash reporting requirements, especially regarding large transactions (Form 8300 for reporting over $10,000 in cash). Having a bookkeeper well-versed in these regulations helps businesses avoid theft, fraud, heavy penalties, and audit risks. Las Vegas is home to businesses in highly regulated industries with strict compliance requirements. For example, the gaming industry must adhere to Nevada Gaming Control Board (NGCB) regulations, requiring meticulous financial tracking. Similarly, cannabis businesses must navigate the complexities of IRS Section 280E, which restricts standard business deductions. Whether it's managing cash-heavy transactions, tracking gaming revenues, or handling the unique tax obligations of the cannabis industry, your accounting provider should act as a financial safeguard, ensuring your business operates smoothly within legal boundaries. Las Vegas experiences seasonal shifts in tourism, meaning businesses in hospitality, entertainment, and retail must plan for fluctuations in revenue. While peak seasons (holidays, conventions, major sports events) bring surges in cash flow, off-peak months require strategic budgeting to cover operational expenses. Bookkeeping services in Las Vegas must understand these business cycles to help create financial strategies that manage both busy and slow seasons effectively. Nevada is attractive to business owners because it has no state income tax . However, businesses still need to stay compliant with local taxes, including: Modified Business Tax (MBT) : Applies to businesses with payroll expenses exceeding $50,000 per quarter. : Applies to businesses with payroll expenses exceeding $50,000 per quarter. Sales and Use Tax : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. : Businesses must charge the correct rate (currently 8.375% in Clark County) and file sales tax returns accurately. Live Entertainment Tax (LET): Affects venues hosting ticketed events and performances. Incorrect tax filings can trigger audits, penalties, and even business license revocations. An expert bookkeeper ensures timely and accurate tax filings to keep your business running smoothly. Understanding Las Vegas' unique business regulations is crucial and compliance isn't something you can entrust anyone with. So, how do you find a provider that truly understands the complexities of bookkeeping in Las Vegas? Here's what to look for: A bookkeeping service that understands Las Vegas-specific regulations is a necessity. The city's unique business environment presents challenges that a generic bookkeeping service might overlook. From managing high cash volumes and staying compliant with strict industry regulations to navigating Nevada's tax landscape, an experienced bookkeeper ensures your business remains financially stable and legally compliant. A bookkeeper with industry-specific expertise understands the nuances, compliance requirements, and operational complexities of your particular field. For businesses operating in cash-heavy environments like gaming, hospitality, and retail, managing transactions accurately and ensuring compliance is critical. Regulated industries like casinos and restaurants have strict financial reporting requirements. A bookkeeper with experience in your field understands how to navigate these regulations, ensuring your business meets all tax and licensing obligations without costly errors. Additionally, industry-specific knowledge allows a bookkeeper to recommend the right accounting tools and systems. Whether it's POS-integrated bookkeeping for restaurants, casino management software for gaming businesses, or inventory tracking solutions for retail, they should have experience working with financial systems tailored to your industry. In Sin City, businesses often operate 24/7, requiring instant financial oversight and quick decision-making. That's why bookkeeping services in Las Vegas must utilize cloud-based tools like QuickBooks Online, Xero, or NetSuite that allow business owners to access their financial data anytime, anywhere. Another key benefit of using cloud-based tools is security. These platforms offer bank-level security with encryption and multi-factor authentication, protecting sensitive financial data from breaches, theft, or loss. Finally, cloud-based bookkeeping fosters better collaboration between business owners, accountants, and financial advisors. Instead of waiting for end-of-month reports, stakeholders can access up-to-date financial statements in real time, leading to proactive financial planning rather than reactive problem-solving. One of the most critical factors when choosing a bookkeeping service is understanding their pricing model. A transparent fee structure ensures that you're not hit with unexpected costs or hidden charges that can disrupt your business finances. A reliable bookkeeping service should provide: Clear pricing tiers based on the scope of services (e.g., monthly reconciliation, payroll, tax preparation). Upfront disclosures about any additional costs for extra services. Transparent pricing options, such as fixed monthly fees or customized packages tailored to your business needs. Your bookkeeping service should have the right credentials and experience to handle the complexities of Las Vegas business finances. Always check: Client testimonials and reviews from businesses in your industry. Case studies showing how they've helped businesses stay compliant and financially sound. Referrals from other business owners who can vouch for their reliability. A Las Vegas bookkeeping service with strong credentials and positive client feedback, such as CoCountant, is a sign that they are trustworthy, knowledgeable, and capable of handling your business's financial complexities. Your Las Vegas bookkeeping service must understand the city's unique financial landscape, which includes complex tax regulations, industry-specific compliance requirements, and a cash-heavy business environment. A generic approach won't cut it. Working with a specialized firm ensures your business stays compliant with industry-specific regulations, tracks cash flow to prevent shortages, and optimizes budgeting during high and low revenue seasons. TIME BUSINESS NEWS
