LV Strip on the mend, loses only $2.5b
The big Las Vegas Strip casinos lost $2.5 billion in fiscal year 2010, the Nevada Gaming Control Board reports.
It was the first time there have been two consecutive years of losses, but 2010’s was in improvement over 2009’s. Calculated as gaming, room and restaurant revenues minus expenses, but prior to deducting federal income taxes and extraordinary expenses, the loss in 2009 was $4.1 billion.
Statewide, the industry suffered a net loss of $3.4 billion from total revenue of $20.8 billion, which compares favorably with fiscal 2009, when the loss was $6.7 billion on total revenue of $22 billion.
The Gaming Control Board’s Nevada Gaming Abstract shows statewide there were 256 casinos that grossed $1 million or more in gaming revenue.
Total revenue collected on the Las Vegas Strip reached $18.2 billion last year, down 5 percent from 2009. Total gaming revenue was $8.4 billion, down 5.3 percent.
The 39 casinos on the Strip with revenues in excess of $1 million reported room revenue was down 7.8 percent with occupancy falling from 89.5 percent to 88.4 percent. The average room rate year-over-year dropped to $112 from $124.