Skip to comments.Nevada's biggest casinos lose $1.35B in 2013
Posted on 01/11/2014 1:43:43 AM PST by Zakeet
Nevada's largest casinos, still climbing out of the recession, suffered a combined net loss of $1.35 billion in 2013, marking the fifth straight year without an overall profit, state regulators reported Friday.
While the casinos' losses grew by 11.2 percent or $136 million, a control board analyst said much of that was tied to increased expenses.
(Excerpt) Read more at myfoxdc.com ...
Obamanomics is doing to my state what it's doing to the country.
I remember Obama telling Americans not to go to Vegas.
How do you lose money in casinos?
I’ve run some numbers and sports cards in my day
Only lost on big upset days when I had failed to lay off enough
I think the mega hotel business model is the issue
Most of Vegas today is for drunk kids teaming up in rooms to party...for big timers
There are so many other better serious gambling venues
A friend of mine in Northern Michigan who frequented three or four different nativehyphenamerican casinos because he hit frequently in the range of 1 to 5 hundred dollars has stopped going. His complaint is that they’ve tightened the slots up, whatever that means, and one doesn’t hit very often. He has observed that there were lots less people in the casinos recently than several years ago. I asked him if it coincided with the immaculation of maobama and he avoided answering the question. His wife is a rabid leftist who accompanied him on these gambling outings. She isn’t happy either.
Between increased competition from other states, the growth of poker rooms and legalized Internet gambling people are running out of reasons to go to either Las Vegas or Atlantic City. It would happen without a recession, unions or nitwit politicians but those three things are just speeding up the process.
Good old Harry Reid will come up with a loss compensation plan and bail them out. The demodummies seem to be very good at that.
They will soon look to expanding other newly legal entertainments. Pot will be the new riverboat gambling for the states.
Good accountants make sure they never turn a profit. Same for Hollywood films. Some of the biggest films seem to take forever to be profitable so stars with percentage of profit contracts don’t get paid. Cant say I feel sorry for any of them though.
This year, Thanks to Obama, Reid, Pelosi and the Socialistically Progressive Democrats, a much higher Health Insurance Premium and had to make a whopping Health Savings Account to cover the new massive deductibles (no more nice co-pays for us anymore).
Gee, Harry Reid, I can't AFFORD to Think About it.
It's Harry Reid's vote producing machine. Why support it?
They have a disgusting marketing campaign “What happens here, stays here”. Creepy.
Prostitution is practically in your face.
Besides the restaurants and natural beauty, it's kind of a nightmare.
The old saying was the most creative writing in Hollywood is done by accountants. Of course the agents know all this and know you never go for points on the gross but always the net.
He is correct. We last went in 2011 and in both 2010 and 2011 the slots were so tight we decided to never go back. We had gone every year since 1999.
Clark County, where Las Vegas is located, is the only county in Nevada that he carried, but it was enough to give him the state, which was reliably Republican from 1968 through 2004.
In unrelated news, some Nevada medical facilities have noticed a significant increase in the number of persons seeking treatment for crushed kneecaps and sprained elbows.
Injuns takum scalp.
Those big casino operators in Las Vegas get profits from the proliferation of casinos all over the country, so they aren't the ones losing out. As these destination casinos get seedier and less desirable, it's people who liked the resort environment that are losing that vacation destination.
Just in NEV a week ago...and the smaller casinos seem to be OK...but there is noticeably less traffic on the Vegas Strip. Some of the neighborhoods near there are pretty much boarded up
NO, he carried Clark and Washoe (Reno), the two biggest Counties in Nevada.
Meant to add, those were the only two counties that were blue, the rest of the state is solid red!
It’s amazing how one county in the State can trump all the rest.
Okay, so two counties trumped the other 14 in NV. That’s still amazing.
"And they still paid millions to re-elect me, those losers."
Reno has lost and continues to lose a lot of CA gamblers who have more and more Indian casinos available much closer to home and not subject to snow-chain issues in the winter. At least three and maybe four big Reno casinos have closed over the past couple of years.
Ditto in Tunica Miss. They are now going to try and shove through a ‘education’ lottery. They will have to make the grade average about 2.2.
They started having problems long before the recession. The rise of Indian casinos has hurt Vegas, everybody has casinos closer to home. That’s why Vegas started putting in all those side attractions, but “Disney with slot machines” hasn’t proven to draw in the crowds either.
I visited a casino this week for the first time in several years, and noticed that the payout for a blackjack is down to 6 to 5. Used to be 2 to 1, then 3 to 2 for many years. Lost 50 bucks and left. Not interested in gambling any more.
Personally Las Vegas is off my list of vacation destinations along with any other Nevada place....if the people of Nevada think Harry Reid is a good idea I have nothing but contempt for them....sorry about the minority of good Nevadans affected but that is just how I feel!!!
almost every state has a casino so there is no reason to go to Vegas........from the eastern part of the US it is too far to go to lose money. We go to the Bahamas and to Biloxi because there is more to do other than gamble.
Not too amazing if you've ever driven through Nevada. Those two counties are where the people are. Coyotes and jackrabbits don't vote.
It is, but many States have similar situations.
Washoe and Clark are the population centers of Nevada.
BTW, both counties were red in 2000 and 2004.
But Dems are working furiously(pun intended) to make that happen.
A good accountant can show a loss from prostitution.
Well, like a hard winter kills ticks, yellow jackets and other nuisances, the depression may be killing off some of the economic vermin.
The house always wins.
Maybe this is the problem.
Who needs Las Vegas when there are dozens of casinos within 100 miles!
“Reno has lost and continues to lose a lot of CA gamblers who have more and more Indian casinos available much closer to home and not subject to snow-chain issues in the winter. At least three and maybe four big Reno casinos have closed over the past couple of years.”
We live a couple of miles from an Indian Casino. We still rather go to Reno. Scenery, skiing, hiking, free drinks, cheap hotels and food and SLOTS THAT AT LEAST GIVE YOU A FIGHTING CHANCE!
If the Hotels decide to save money by skimping on the guest services, they’ll lose billions more in 2014.
Casinos in Macau, located on the coast of Southern China, made 33 billion dollars last year.
Las Vegas is losing money because Americans don't have money anymore. Americans don't have money anymore because Free Traitors sent their jobs to Red China. Now the Chinese have the money and are spending it in their casinos.
Free Traitors have ruined this country.
I think these people have some pretty sharp tax attorneys. They can turn anything into a loss if they need to.
Yes, I’m sure Congress, obama, and the unions helped make their job easier.
My man! I wouldn’t play one hand of blackjack at an Indian casino, and it sure ain’t cheap to stay at those places overnight.
“When times are tough, you tighten your belts,” the president said. “You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash on Vegas when you’re trying to save for college.”
Net income or loss is what casinos retain after expenses have been paid, but before deductions for federal income taxes and accounting for extraordinary expenses.
Unbelievable. But Fox or not, it's an AP wire story.So "typical".
This story is total garbage if you can't trust the numbers. (sorta just like unemployment & gdp, isn't it?)
I like casino gambling every now and then but in recent years, it appears that the slots have gotten tighter, the table games more rigged (in favor of the house) and the food and drink are way more expensive. The "free drink" service for those playing at a table or slot machine has also gotten spotty and I've learned to order beer in a bottle because everything else is watered down.
Here's a tip for those going to Las Vegas. Plan to hang out more on Fremont Street (the old Vegas). It used to be a dive but they've really cleaned it up recently. The slots are a little looser, the table games are fun and the food and drinks are much more reasonable then what you find on the strip. Also much more of a party atmosphere. I like the way they light it up at night.
Those huge casinos on the strip are nice to walk through and look at but because they have such huge overhead, they need to tighten up the slots and other games in order to pay the bills. Many of the high rollers are now taking their money to Macau.