Annual Nev. casino revenues keep declining
By Richard N. Velotta, Las Vegas Review-Journal
The state’s largest casinos lost $743.7 million in the 2014 fiscal year, nearly cutting their losses in half from the previous year.
The state Gaming Control Board’s 2014 Nevada Gaming Abstract, published Friday, said the 270 Nevada casinos that generated $1 million or more in gaming revenue reported total revenue of $23.9 billion. In the 2013 fiscal year, 263 casinos that generated $1 million or more lost $1.3 billion on revenue of $23.1 billion.
“Total revenue” is the money spent by patrons on gaming, rooms, food, beverage and other attractions. “Net income” or “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.
It was the sixth straight year that casinos collectively showed a loss, but it was the smallest loss since 2009 when the recession began crushing casino finances.
How absolutely predictable. They have cut their way to insignificance. The corporate greed has killed the golden goose. Bill Harrah and Harvey Gross are rolling in their graves, RIP.
The greedy bean counters forgot about customer service and marketing 101 that Bill and Harvey did so well. The come back will be slow if it comes back at all.