Nevada’s largest casinos suffered a combined net loss of US$1.35 billion in 2013, the fifth year in a row the industry has failed to record an overall profit.
On the plus side the total revenue of the 263 casinos included in the annual report released by the state Gaming Control Board rose for the third consecutive year, to $23 billion, an increase of 0.4% over 2012.
On the down side, losses grew by 11.2%, or $136 million, which a Control Board analyst blamed on increased expenses.
Net income or loss is what casinos retain from total revenues after expenses have been paid, but before deductions for federal income taxes and accounting for extraordinary expenses. Total revenue is the money patrons spent on gambling, rooms, food, beverage and entertainment.
On the Las Vegas Strip gambling revenue rose 3.5% to $5.7 billion while total revenue was up 1.7% to $15.5 billion
Most of the state’s casinos are in Clark County, which includes the Strip. The 150 Clark casinos included in the report had a combined net loss of $1.3 billion on total revenue of $20.6 billion.
Nevada casinos haven’t posted a net profit since 2008, when combined net income totaled $721 million. The following year the recession hit in full force. The loss for the industry in 2009 was nearly $6.8 billion.
Before the current string of yearly losses, the only other net loss recorded by Nevada casinos was in fiscal year 2002, after the September 11 attacks.
