Another bad year for Vegas

Nevada’s Gaming Control Board has reported another dismal year of losses for the state’s gambling interests, with extensive write-downs and weak revenues in the latest fiscal year ending June 30 2010.
Reporting on the results, the Dow Jones news agency commented that Nevada’s biggest casinos lost $3.4 billion over the period, halving a year-earlier loss as operators wrote down the value of their assets by about $3.5 billion less than they did in the previous fiscal year.
During fiscal 2009, the state’s biggest casino operators lost almost $6.8 billion, the report notes.
The state regulator said that almost $4.5 billion in cuts had been made by the beleaguered gambling industry as it sought to mitigate serious revenue declines between 2008 and 2009.

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