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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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US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

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