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  • Nevada Casinos Lost $1.35 Billion in 2013

    Thursday, January 16th, 2014 by Ryan

If you’ve ever been sitting at a casino in Las Vegas or somewhere else in the state of Nevada and have been upset about losing some money (as I’m sure we’ve all been), then the stat that you just read is probably mind-blowing. Last year we saw a whole lot of action at the many different casinos in Nevada, but unfortunately for the casinos, players weren’t losing money as they had hoped. This now makes for the fifth straight year that the Silver State casinos have lost money. Not just a little bit of money mind you, as they were absolutely getting hit with some big losses, in a total of $1.35 BILLION throughout the 2013 year. The news is pretty shocking, and we’ll take a more in-depth look at it here.

According to the Nevada Gaming Control Board, the news that was released on Friday is that the 263 different casinos that are in the state which grossed $1 million or more in gaming revenue, lost a combined $1,348,992,937. That’s an absolutely shocking number to read, and to make things even more surprising, it’s an even WORSE number than last year. The number went up 11 percent from 2012 when the total net losses were added up to $1,212,990,361. Casinos were getting tons of action, but things were a bit different in 2013 than what we’ve seen in the past.

Casinos definitely brought in a ton of money though, as the total revenue for all casinos was a nice $23,075,800,942. That’s up from the revenue that was brought in through 2012, which was $22,976,587,493. Of that revenue that the casinos brought in through 2013, 45.1 percent, or $10,395,664,337 was from the actual gambling aspect. The other amounts came from hotel rooms, which was a total of 20.8 percent at $4,788,237,661, and 22.2 percent from food and beverage, and that added up to $5,114,388,579. The other 12 percent was just put in there as “other” and includes things like the retail and the services that are charged from the hotels, but it totaled up to be $2,777,509,875.

The largest part of the gaming revenue definitely came from the slot machines and video poker. These qualify as coin operated devices, and they brought in 64.9 percent of the total, or $6,751,265,226. The games such as craps, blackjack, and roulette, which are considered “Pit” games, ended up coming in with 31.7 percent at $3,291,472,479. Poker only brought in 1.5 percent of the revenue, at a number of $152,746,688. A key issue though for the different casinos throughout the state of Nevada absolutely had to be the expenses.

The casino comps were a massive amount, and came in at a total of $2,165,239,651, which is actually a fifth of the entire gaming revenue. Expenses for the “preferred guests” ended up being $237,475,010. There are many other things that factor into this total, including interest expenses at $2,932,769,643, total depreciation at $2,373,053,492, and of course the huge amount of money spend on the bright lights at $367,967,554 paid for energy between the casinos.

As you could have guessed, the biggest and most amount of money lost came from the casinos on the Las Vegas Strip. This added up for a total of $1,496,580,449 by themselves, which is a 13 percent drop from last year. The rest of the million-dollar casinos in Nevada ended up making money, and the best performing area ended up being the Boulder Strip, which made $44,220,334. This includes casinos like Green Valley Ranch, Boulder Station, and Sunset Station. In terms of growth, Laughlin made $13,065,970, which was a very nice 288.9 percent jump from the previous year.

These are some very interesting numbers, and you can bet that the players and fans of casinos are definitely going to be checking these out. With that being said though, it’ll be interesting to see how the numbers go throughout this year, especially with all of the gambling online starting to be legalized in different states, one of which is Nevada. We could actually see a drop overall in profits and such for the casinos, but only time will really tell on that stat.

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