Casino Gambling: Las Vegas casinos post record loss

Casino gambling is far from being the recession-proof business, proven today after the Nevada Gaming Control Board released its report for the fiscal 2009. The 260 casinos taking part in the Nevada's GCB report registered a record net loss of $6.8 billion with the Las Vegas casinos leading the dreaded report with net loss of $6.5 billion for the fiscal 2009 and the casinos located on the Las Vegas Strip posted a 2009 net loss of $4.1 billion. The numbers show more than 1000 percent drop compared to the previous year combined $721 million in profits. The report also market the second time in Las Vegas' history when the casinos show net loss, the only other time being in fiscal 2003 for the meager net loss of $33.5 million.

The report published by the state's Gaming Control Board noted that the revenue for the fiscal 2009 in all 260 Nevada casinos was $22 billion, down 12% compared to the previous fiscal year, of which almost half came from gambling and the rest from the additional services provided by the casinos, such as hotel rooms, dining etc. Clearly the though economic times put an end to the smooth sailing of the Las Vegas casinos, as well as casinos in other states with legalized gambling. Fewer visitors and less spending at the Las Vegas Strip was to blame for the record net loss of the Nevada casinos.

Published on 02/19/2010