$1.35 Billion In Losses Reported By Nevada’s Major Casinos
Large casinos in Nevada are continuing their losing streak, reporting more than a billion dollars in losses for the most recent fiscal year. Here, a view of Paris Las Vegas, a hotel and casino located on the Las Vegas Strip. John Gurzinski/AFP/Getty Images
Nevada’s big casinos are on a losing streak. For the fifth straight year, the state’s largest casinos are reporting net losses – in this case, a total of $1.35 billion in the most recent fiscal year. That’s the news from a report released by the Nevada Gaming Control Board Friday, which focuses on casinos that gross at least $1 million in gaming revenue.
The most recent data showed 263 such casinos in the state, generating gaming revenue of $10.4 billion (up 1.1 percent) and total revenue of $23 billion.
As a group, the large casinos have not reported a profit since 2008, The Las Vegas Sun reports, citing a state official. We’ll note that according to the Gaming Board, the casinos’ fiscal year ends on June 30. So, the newly released numbers reflect data up to last summer.
“Statewide, slot machines accounted for 64.9 percent of the gaming win of $10.3 billion. Table games produced 31.7 percent of gaming revenues,” The Sun reports. “Casinos on the Las Vegas Strip produced $15.5 billion in total revenues, with 37 percent coming from gaming. The net loss on the Strip was $1.4 billion, or 13 percent less than 2012.”
Gambling accounted for 45.1 percent of total revenues, with the remainder coming from hotel rooms (20.8 percent), food (15 percent), drinks (7.2 percent), and other attractions.
The major casinos paid $804 million in state taxes and fees, equal to 7.7 percent of their gaming revenues, the board says.