For the Fifth Consecutive Year Nevada Casino Make a Loss
For the fifth year in a row Nevada’s largest casinos have reported net losses. The last fiscal year saw a total loss of $1.35 billion according to a report released by the Nevada Gaming Control Board.The report focused on casinos which gross at least $1 million in gaming revenue. There were 263 casinos in the state that met this criterion and together they generated gaming revenue of $10.4 billion and total revenue of $23 billion. As a group the casinos have not reported a profit since 2008.
However, it is not all bad news as gambling revenues did actually increase by 1.1%. Mike Lawton, a senior analyst with the Nevada Gaming Control Board, “For the state, an increase in revenue was primarily driven by gambling. But due to an increase in expenses, the net loss for the state increased.”
In total, gambling accounted for 45.1% of revenues and the remainder came from hotel rooms (20.8%), food (15%), drinks (7.2%) and other attractions. The major casinos paid a total of $804 million in state taxes and fees, the equivalent of 7.7% of their gaming revenues.