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

Still Need A Lawn Yeti? Good News — SkyMall May Be Cleared For Relaunch

The in-flight catalog went bankrupt earlier this year. But its new owners say SkyMall catalogs might make their way back to airplane seatbacks soon.


Justice Department Won’t Charge IRS’ Lois Lerner With Criminal Contempt

At issue is whether the former IRS official waived her Fifth Amendment rights when she made an opening statement proclaiming her innocence over the agency’s targeting of conservative groups.


Sen. Robert Menendez, a Democrat from New Jersey.

Sen. Robert Menendez Indicted On Corruption Charges

The indictment alleges that Menendez abused his office to benefit a friend and donor. The New Jersey senator has always maintained his innocence.


Morning traffic makes its way toward downtown Los Angeles along the Hollywood Freeway past an electronic sign warning of severe drought. California Gov. Jerry Brown introduced the state's first mandatory water reduction measure this week.

California Governor Issues 1st-Ever Statewide Mandatory Water Restrictions

Cities in drought-stricken California will have to reduce their water usage by 25 percent. In a news conference, Gov. Jerry Brown said the “historic drought demands unprecedented action.”


Iraqi Prime Minister Haider al-Abadi (left) tours Tikrit after it was retaken by security forces Wednesday, a key step in driving the militants out of their biggest strongholds.

Iraq Claims Victory Over Militants In Strategic City Of Tikrit

Iraqi flags are flying over government buildings again, one month into a major offensive to reclaim the city from fighters with the self-proclaimed Islamic State.


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