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Nevada Hotel Revenue Down

The news from Nevada continues to paint a bleak picture as the economic recession impacts visitor and hotel occupation rates in the gambling state.
 
Statistics released by the Nevada Gaming Control Board show that major hotel-casinos suffered a huge drop in net income in fiscal 2008, bringing in $721.2 million...only a third of what they netted in the previous (2007) year.

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The report reveals that 266 resorts grossed $25 billion but were hammered by increasing expenses during the fiscal year ending last June 30. The net income is just 2.9 percent of the gross, down from 9.1 percent in fiscal 2007.
 
While payroll totals were down slightly in fiscal 2008, there were big jumps in interest expenses and in a catchall "other" category that includes various legal expenses, insurance premiums and other items.
 
The gain in interest expenses reflects borrowing at higher interest rates and some debt-laden private equity buyouts of major resort properties.
 
The annual "Gaming Abstract" report also shows that casino departments at the big resorts had a total of $132.2 million in bad debt expenses and $2.2 billion in complimentary services to high-rolling gamblers.
 
The combined expenses of casino, rooms, food and beverage departments increased by 16.2 percent from year to year, while total revenue decreased 1 percent and net revenue decreased by 68.6 percent.
 
"This reflects both the national and global economy," Control Board analyst Frank Streshley said. "During the first half of the fiscal year, revenues were still growing. But the second six months was the start of our current decline and we saw a material downturn."
 
Streshley also noted that the slump in the January-June 2008 period wasn't as bad as the decline since then.
 
The net income numbers include state, but not federal, taxes which will further impinge on profit. The clubs paid $913.2 million in state gambling tax and license fees. Federal taxes can take up to a third or more of the net revenues.

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Gambling News :

Local Florida Poker Pros Scam Marc Klang For $500k - Previous scumbag rightfully wins over $500,000 gambling against a conglomerate of local poker pros. After using every excuse possible, said group decides they are not paying out any money. After some time they pay out $43k of 500k. Winner warns community of the groups actions to prevent similar future scams.

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

Super Multitimes Progressive HD Slot - This 3-row, 5-reel slot features Multipliers, Wilds, Free Spins and four Progressive Jackpot levels offering increasing wins to heighten player engagement.

2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

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