Massive losses for Nevada land casinos in fiscal 2011
News on 7 Jan 2012
News on 7 Jan 2012
Nevada’s largest land casinos suffered a combined $4 billion loss in fiscal 2011, according to a report released Friday by the Nevada Gaming Control Board.
The report shows 256 casinos grossed $1 million or more in gambling revenue for the fiscal year that ended June 30. Combined, they had total revenue of $22 billion and posted a net loss of $3.9 billion from the previous year.
In 2010, the largest casinos had a net loss of $3.4 billion on total revenues of almost $20.9 billion. Total revenue includes money spent by patrons on gambling, rooms, food, beverages and attractions.
The report says revenue from gamblers accounted for nearly $10.2 billion, or 46 percent, of total revenue.Casinos paid $792 million in taxes and fees, equating to 7.8 percent of gambling revenue. On the Strip, casinos reported a net lost of $2.2 billion on revenues of $14.5 billion.
