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Nevada Casinos Net Loss Of 1.5 Billion in 2013

Saturday January 11,2014 :  NEVADA NOT OUT OF THE WOODS YET
 
Major land casino operators suffered a combined net loss of $1.35 billion in 2013.
 
The land gambling business in Nevada may be seeing some light at the end of the tunnel after a truly terrible few years of economic recession, but it's not out of the woods yet according to the latest financial numbers released Friday by the state regulator.
 
The Associated Press news agency reports that the statistics show Nevada's largest casinos (those that gross more than $1 million in gambling revenue) suffered a combined net loss of $1.35 billion in 2013, marking the fifth straight year without an overall profit.
 
Taking a positive view, the Nevada Gaming Control Board, revealed that total revenue of the 263 casinos included in this year's report rose for the third consecutive year, to $23 billion, an increase of 0.4 percent, or $99.2 million, compared with 2012.
 
The Las Vegas Strip operations reported narrowing losses, and for the first time since 2007, the growth of gambling revenue outpaced the growth from other aspects such as hotel rooms, food, beverages and entertainment, AP notes.
 
The Strip's gambling revenue of $5.7 billion was up 3.5 percent from 2012, while its total revenue of $15.5 billion rose 1.7 percent.
 
"It's a positive for the Strip," NGCB analyst Mike Lawton said. "Revenues increased and the net loss decreased."
 
The 150 Clark County casinos included in the report had a combined net loss of $1.3 billion on total revenue of $20.6 billion, whilst elsewhere in the state Washoe County casinos reported a profit of $719,000 and the 18 casinos in Elko County had $42.7 million in combined net income.
 
Five casinos on the south shore of Lake Tahoe had a net loss of $90 million, while the Carson Valley Area netted $7 million.
 
State-wide, the large casinos' $10.4 billion in gambling revenue rose 1.1 percent and accounted for 45 percent of total revenue, the second lowest percentage ever recorded.
 
Associated Press reports that Nevada casinos have not posted a net profit since 2008, when profits totaled $721 million just before the recession took hold.
 
Land casinos in 2009 had a loss of nearly $6.8 billion in the Silver State.
 
The 263 casinos included in the Nevada Gaming Control Board report this year paid $804 million in gambling taxes and fees to the state.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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