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Nevada Casinos Post $1.35 Billion Net Loss

Silver State Gambling Joints Have Fifth Straight Unprofitable Year

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When you factor in all their finances, Nevada’s top casinos posted a combined net loss of $1.35 billion during fiscal year 2013, according to a state report released last week.

It marked the fifth year in a row that such a result was reported by the highest grossing casinos in the Silver State. In other words, they haven’t had a profit since 2008. The year 2012 was better for the casinos as they reported a net loss then of only $1.21 billion.

Fiscal year 2013 saw $10,395,664,377 in revenue from gambling, which accounted for 45.1 percent of all revenue. Casinos make money off of other things like rooms and food sales.

Total revenue was $23,075,800,492.

But yet Nevada’s top casinos managed to lose a mammoth sum, thanks to huge expenses. For example, it cost around $367 million just for electricity and gas during the year.

Of the nearly $10.4 billion in gambling revenue, poker accounted for around $152.7 million. Coin operated devices, otherwise known as slot machines, captured $6.75 billion.

Another interesting figure was the $669,721,982 in comps during fiscal year 2013.

Sometimes a high-profile gambler is accused of not paying his gambling debt to a Silver State State casino and it always makes big headlines, but bad debt expenses for gambling joints was a negligible $3.9 million. In other words, casinos are almost always successful in collecting after extending credit to their most coveted clients.

 
 
Tags: Nevada,   Las Vegas