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Casinos Take $1.3 Billion Hit

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Photo: Getty Images, 461095107

Photo: Getty Images, 461095107

photo Chuck Meyer
Email Chuck at chuck.meyer@cbsradio.com
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CARSON CITY, Nev. (AP) — Nevada’s largest casinos suffered a combined net loss of $1.35 billion in 2013, marking the fifth year of losses since the Great Recession began.

But there was some good news in the annual abstract report released Friday by the state Gaming Control Board. The casinos’ combined revenue of $23 billion was up $99.2 million from 2012, representing a third straight year that revenue has increased.

Total revenue is the money patrons spent on gambling, rooms, food, beverage and entertainment.

While the casinos’ losses grew more than 11 percent from 2012, analysts say much of that it tied to a jump in expenses.

The last time Nevada’s biggest casinos posted a net profit was 2008.

The report looks at casinos that gross more than $1 million in gambling revenue.

The 263 casinos included in the report paid $804 million in gambling taxes and fees.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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