Nevada casinos lose almost $1.35 billion during fiscal 2013

Jan 10, 2014 |
The Nevada State Gaming Control Board has issued a press release on gaming revenue for licensees grossing $1 million or more during the fiscal year (FY) ending June 30, 2013.

The press release reads as follows:

During FY 2013, there were 263 casinos in Nevada, which grossed $1 million or more in gaming revenue. Together, these casinos generated a net loss of $1,348,992,937 from total revenues of $23,075,800,942. These results are mixed compared to FY12 when the net loss was $1,212,990,361 and total revenues were $22,976,587,493. “Total revenue” is the money spent by patrons on gaming, rooms, food, beverage, and other attractions.  “Net income/loss” is the money retained by casinos after expenses have been paid but prior to deducting federal income taxes and prior to accounting for extraordinary expenses. Gaming revenue accounted for $10,395,664,337, or 45.1% of total revenue. These 263 casinos paid $804,069,575 in gaming taxes and fees, equating to 7.7% of their gaming revenue.

On a county-by-county basis, Clark County had 150 casinos grossing $1 million or more in gaming revenue during FY 2013, which generated a combined net loss of $1,337,106,340 from total revenues of $20,583,100,513. Washoe County had 32 casinos, which reported combined net income of $719,420 from total revenues of $1,386,770,307. Elko County had 18 casinos with $42,784,236 in combined net income. South Shore Lake Tahoe in Douglas County with 5 licensees reported a net loss of $90,231,916. Carson Valley Area with 15 casinos generated net income of $7,094,304. The balance of the state had 43 casinos earning $27,747,359 in combined net income.

In FY 2013, 66 casinos owned by public companies accounted for 76.6% of the total gaming revenue generated statewide during the fiscal year.

In addition to providing combined balance sheets and income statements, the GAMING ABSTRACT includes data concerning average number of employees, rate of room occupancy, revenue earned per room per day, gaming revenue earned per square foot of gaming floor space, and various ratios. Data is also combined into totals representative of casinos statewide with rooms and casinos statewide owned by publicly held corporations.

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