The state of Nevada benefited from a $24.4 million boost in the fiscal year that ended on June 30, and it was all down to unclaimed casino vouchers.
Preliminary results released by the Nevada Gaming Control Board revealed the shocking statistic, which can be partly attributed to a recent change in how Nevada casinos dispense change.
Gamblers have six months to use cash-out tickets
Casinos across Nevada have moved to issuing cash-out tickets instead of coins for change under a dollar. These tickets have expiry dates, after which most of the unclaimed money goes to the state.
Most cash-out tickets at Nevada casinos have a lifespan of 180 days. After that, the state of Nevada is paid 75% of the amount due. The rest goes back to the casino, according to Nevada law.
Some casino tickets come with an even shorter shelf life, however. Cash-out tickets at casinos like Circus Circus and El Cortez must be used within 60 days. Get a ticket from Treasure Island and you’ll need to use it within 30 days before it expires and the funds move into the state’s general fund.
How much do casinos benefit from returned funds?
Unused cash-out vouchers have been providing a fiscal boost to casinos, as evidenced in financial reports from the past few years.
Last year, Nevada's casinos reported a $6.1 million increase in revenue thanks to these unclaimed vouchers. But in 2023, $19.3 million of the nearly $25.8 million in unused cash-out vouchers became state property.
A $6.1 million boost to casino coffers might sound like a significant sum. But when you consider that Nevada is home to 229 casinos, it suddenly doesn’t sound so substantial.
Assuming the $6.1 million is split equally between all casinos, it’s just $26,637 per casino. Compared to what the state receives, it’s clear who the real winner is in this scenario.
The practice of collecting funds from expired cash-out vouchers isn’t unique to Nevada. New Jersey and Pennsylvania also claw back gamblers’ losses in a similar way. However, relatively few US states have set rules on how this missing money can be collected.
Why aren’t gamblers claiming their money?
It’s difficult to say with absolute certainty how much the move towards cash-out vouchers has driven the rapid rise in funds being returned to the state, as Nevada doesn’t yet collect information on the number of unclaimed vouchers.
However, with gamblers reporting vouchers being left strewn across the floor of Nevada casinos, and others taking them home as souvenirs, the many vouchers that would’ve been small change are likely leading this trend.
Recognizing that so many gamblers aren’t claiming their cash-out vouchers, some casinos, such as Cosmopolitan, M Resort, and Wynn Las Vegas, have started to give players the option of donating unwanted vouchers to charity. At Caesars Palace and Flamingo, unclaimed vouchers can be donated to Meals on Wheels.
Recent changes to Nevada laws could also have led to the uptick in expired voucher funds collected by the state.
In 2021, the state of Nevada added electronic table games and some sports wagering tickets to the list of games from which unused voucher funds could be collected. And what followed was a marked increase in these funds going straight to Nevada’s general fund.
Speaking about the rise in unclaimed cash-out vouchers in recent years, Amanda Belarmino, hospitality professor at University of Nevada, explained that a coin shortage during the pandemic could well have been the catalyst that drove this change.
“Guests may plan to reuse the vouchers or they may intend to go to the cage but they never get around to it,” said Belarmino
“New guests may not know that they can get the change. It is frustrating for consumers to feel that they are not getting their full winnings. While minor, there may also be some consumers who kept cash-out vouchers from closed casinos as souvenirs.”
