It absolutely was bad news and kind of good news for the Silver State’s gambling enterprises when Nevada’s Gaming Control Board circulated their annual Gaming Abstract Report late last week. The bad news was that Nevada’s 263 combined casinos experienced a fifth straight year of economic net losses; nevertheless the good news is that their actual intake revenues increased a tad contrasted to 2012.

However, a net loss is a net loss, and fiscal 2013 was a little bit worse than 2012, with a final tally of minus $1.348 billion,compared to $1.212 billion in 2012.

Slow Recovery

It is all area of the baby step recovery process from Nevada’s massive turndown through the country’s recession, which undoubtedly hit this casino-centric area hard since 2009. In fact, fiscal 2008 was the last time Nevada’s casinos general showed a net profit, and that was for $721.1 million. The following year, their state took its biggest hit, with a $6.8 billion web loss for casinos statewide. Ouch.

The Las Vegas Strip naturally sets the pace as it pertains to Nevada gaming, and a small 1.7 per cent revenue jump through the final fiscal 12 months merely wasn’t sufficient to go out of a revenue; overall, Strip casinos marked a $1.5 billion loss for the entire year. But again, some silver lining here; that loss had been still 13 percent down from 2012’s $1.7 billion mark.

In every, Nevada’s gaming houses took in a tad over $23 billion in both gaming and nongaming monies for fiscal 2013, which was up lower than one percent from 2012’s $22.976 billion.

Not Just Gambling Cash

The video gaming report totals not merely intake from actual gambling, but from all nongaming sources as well; things like resort rooms, shopping, dining, liquor, activity and sporting activities. A casino must have grossed in excess of $1 million in pure gaming revenues for the fiscal year prior, and that apparently precluded two that were part of the previous year’s report to qualify for inclusion.

The term ‘net loss’ indicates what’s left after gambling enterprises have compensated out winners and other costs, but doesn’t include either federal taxes being taken off the top or ‘extraordinary expenses’ a term that is not plainly delineated because far as what it would encompass. However, also included in the revenue and loss are such things as economic restructuring, which several properties took advantage of in 2012 to hit this fiscal year.

Perhaps the state coffers got a winner where profitability was concerned last 12 months; with general administrative costs jumping up by as much as three percent to hit $10.6 billion, there were no gains margins to publish within their annual reports either.

And whenever it came to where the money is coming from, it was gaming first with a 1.1 percent bump to $10.395 billion to make it 45.1 of the take that is overall. Next were hotel rooms which hit $4.788 billion to account for the next 20.8 percent. And finally, food revenues amounted to $3.454 billion, or 15 %, across the board statewide.

For the very first time since 2007, gaming profits overshadowed nongaming income as far as portion increases for fiscal 2013. The gaming that is small was contrasted to 44.8 percent in 2012, according to Gaming Control Board Senior Research Analyst Michael Lawton.

And that was mirrored particularly on the Las vegas, nevada Strip, where gaming revenue went up one percent to 37 percent from 2012’s 36 percent for the first time since the 2007 plummet.

But Lawton noted that considering 2014 with substantial brand new attractions that are nongaming as the $100 million complex going up by MGM Resorts between New York New York and the Monte Carlo, as well as Caesars Entertainment’s $550 million Linq extravaganza those characteristics could perhaps flip-flop once more.