Friday, March 28, 2014

Vegas is finished

"Nevada's gambling revenue in February plunged 13.7 percent, a decline blamed on a huge drop in baccarat winnings and a tough comparison from a year earlier when the Las Vegas Strip recorded its highest win total ever, state regulators reported Friday. Casinos statewide reported a win of $926.1 million in February, down from nearly $1.1 billion raked in during the same month the year before. The tumble on the Strip, home to Nevada's posh resorts, was even more dramatic. Casinos there reported gambling revenue of $555.7 million, down 20.1 percent compared with $696.1 million won in February 2013, the state Gaming Control Board said."

 "Nevada’s major casinos reported a net loss of $1.35 billion in 2013, the fifth straight year of losses. The state Gaming Control Board released its Nevada Gaming Abstract today, detailing figures from the industry that show gambling accounted for 45.1 percent of total revenues. Food, hotel rooms, drinks and other attractions make up the majority of revenues. The casinos reported $23.9 billion in total revenues, or a 0.4 percent gain from fiscal 2012. The net loss was 11.2 percent more than last year. The state’s 263 casinos that gross at least $1 million in gaming revenues have not reported a profit since 2008, Lawton said. The big casinos paid $804 million in state taxes and fees, or 7.7 percent of their gaming revenues. 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. 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."

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