Nation & World News

$1.35 Billion In Losses Reported By Nevada’s Major Casinos

By Bill Chappell on January 10th, 2014

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.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

This entry was posted in News from NPR. Bookmark the permalink.

Comments are closed.

 

More Stories in News from NPR

Defense Secretary Carter: Iraqi Forces Lack ‘Will To Fight’ ISIS

Ash Carter, in an interview on CNN, said that the ISF lost Anbar despite “vastly outnumbering” fighters of the self-declared Islamic State.


Malaysia Finds Gravesites In Camps Used By People Smugglers

The gruesome discovery of the sites thought to contain dozens or possibly hundreds of remains of migrants from Myanmar and Bangladesh, follows a similar find this month across the border in Thailand.


Princeton University professor John Nash speaks during a news conference at the university in Oct. 1994 after being named the winner of the Nobel Peace Prize for economics.

‘Beautiful Mind’ Mathematician John Nash, Jr. Dies In New Jersey Car Crash

The Nobel Prize winner who struggled with schizophrenia and was portrayed by Russell Crowe in the 2001 film, died with his wife in a taxi on the New Jersey Turnpike, officials say. He was 86.


Greek Prime Minister Alexis Tsipras (center) gestures next to Deputy Prime Minister Yannis Dragasakis (left) and Interior and Administrative Reconstruction Minister Nikos Voutsis. Voutsis says Greece may miss its next debt payment.

Greece Warns That It Will Probably Miss Next Month’s Debt Payment

Interior Minister Nikos Voutsis says a $1.76 billion payment due next month “will not be given and is not there to be given.”


Vehicles pass by a landslide area after the earthquake in Gorkha district last week. A fresh landslide in the same area has cut off a major river, threatening villages downstream.

Nepali Villagers Flee After Landslide Cuts Off Major River

Rising waters behind the earth dam created by the landslide could burst through, inundating villages for miles downstream, officials say.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Underwriting Payments