Nevada Gaming Control Board reports $1.2B in tax revenue for fiscal year 24

During a recent meeting of the Assembly Committee on Revenue, significant discussions centered around the operations and financial contributions of Nevada's gaming industry. The meeting highlighted the vital role of the Tax and License Division, which is responsible for collecting taxes, fees, penalties, and fines associated with gaming activities across the state.

Sebastian Ross, senior policy counsel for the Nevada Gaming Control Board, presented a detailed overview of the gaming revenue collected during the fiscal year 2024, which exceeded $1.2 billion. This impressive figure underscores the importance of the gaming sector to Nevada's economy. The majority of this revenue comes from percentage fees based on the gross gaming revenue of non-restricted licensees, which are establishments with gaming revenues of approximately $8 million or less annually.

The committee learned that the gaming tax structure includes various fees, such as the live entertainment tax, which is jointly administered by the Gaming Control Board and the Department of Taxation. This tax applies to live entertainment events at licensed gaming establishments, contributing to the state's overall revenue.

Additionally, the meeting addressed the fees associated with slot machines and other gaming devices. Non-restricted licensees pay a quarterly fee of $20 per machine, while restricted licensees are charged based on the number of machines they operate. The annual slot tax, set at $250 per machine, supports higher education funding and local school accounts, demonstrating the gaming industry's direct impact on community resources.

Ross emphasized the importance of maintaining strict regulations to ensure the integrity of the gaming industry, which includes monitoring compliance with state laws and working with independent testing labs to guarantee that gaming devices meet Nevada's standards.

As the committee continues to evaluate the gaming sector's contributions, the discussions from this meeting reflect a commitment to transparency and accountability in managing the state's gaming revenue. The outcomes of these discussions will play a crucial role in shaping future policies that affect both the gaming industry and the broader Nevada community.