Nevada's Major Casinos Lose $1.35bn In 2013

Nevada's Major Casinos Lose $1.35bn In 2013According to the Nevada Gaming Control Board (NGCB), the Silver State’s largest casinos lost a combined $1.35 billion throughout the whole of 2013, representing five straight years without profit.
The annual report released by state regulators concentrates on casinos that generate at least $1 million in gross gaming revenue, and the 263 casinos listed in the latest report produced $10.4 billion in gaming revenue, and $23 billion in total revenue. While the latter figure marks a 0.4% increase over 2012, the state’s casino losses actually rose by 11.2% or $136 million, meaning that the last time Nevada’s biggest casinos made a profit was back in 2008.
Explaining the discrepancy, NGCB senior analyst Mike Lawton, said: “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.”
The global recession has been responsible for putting a major choke hold on Nevada’s casinos and in 2009 caused them to post a combined loss of nearly $6.8 billion, their first loss since 2002. However, on a positive note the $1.35 billion figure recorded on the latest report is well below other losing years.
The annual report covers the casinos’ fiscal year 2013 ending June 30th, and from Nevada’s $10.4 billion in gaming revenue, 64.9% was derived from slot machines, and 31.7% from table games.
In terms of total gambling revenue, the Las Vegas Strip’s earnings amounted to $15.5 billion, which represented a net loss of $1.4 billion, or 13%, compared to 2012. Overall, Clark County, which includes The Strip, reported a net loss of $1.3 billion from the $20.6 billion in total revenue generated from Clark County’s 150 casinos mentioned in the annual report.
Elsewhere around the state, reporting a profit was Washoe County ($719,000); Elko County ($42.7m); and the Carson Valley ($7m). However, Lake Tahoe suffered a combined net loss of $90 million.
Finally, the major casinos mentioned in Nevada’s 2013 report paid $804 million in gambling taxes and fees, or 7.7% of their gambling revenues.

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