Nevada Casinos Post Heavy Losses in 2011

While Nevada’s casino market may have improved in 2011, large casinos still have a long way to go to regain profitability. According to the Nevada Gaming Control Board, the state’s largest casinos lost nearly $4 billion over the past year, even as revenues rose to around $22 billion.

According to the report, 256 casinos in the state of Nevada – which includes Las Vegas, Reno, and several smaller gambling markets – grossed at least $1 million in gambling revenue for the past fiscal year, which ending on June 30. The set of casinos lost $3.9 billion, despite an increase in revenues of over $1 billion compared to the previous year.

In the 2010 fiscal year, large casinos lost $3.4 billion, with total revenues coming in at $20.9 billion.

For the 2011 fiscal year, gambling actually made up less than half of the revenues brought in by casinos, continuing a trend where restaurants, hotels and other attractions have increasingly become an important part of Las Vegas and the rest of the casino industry. A total of $10.2 billion came from gambling, making up 46% of total casino revenue.

Despite the losses suffered by Nevada casinos, they still remained an important revenue stream for the state. Overall, casinos paid nearly $800 million in taxes and fees, or about 7.8% of the casinos’ gambling revenue.

Las Vegas suffered heavy losses as the economy struggled over the last few years before seemingly stabilizing last year. However, despite the improvement in revenues, losses continue to mount for most large casinos, and Las Vegas has fallen far behind Macau as the largest gambling center in the world.