We’ve all heard the old casino term ‘the house always wins’, but it turns out that they don’t. Nevada’s largest casinos are suffering from the recession too and have announced a combined net loss of $1.35 billion (approximately £815 million) for 2013. According to state regulators this is the fifth consecutive year without an overall profit for the casinos.
The annual report, released by the Nevada Gaming Control Board revealed that the 263 casinos total revenue rose by 0.4% to $23 billion (Approximately £13.89 billion), while losses grew by 11.2%.
Total income is worked out by the money spent by patrons on gambling, hotel rooms, food and drink, and entertainment. Whereas the Net income or loss is what casinos have after paying for expenses, but before taking into account federal income tax deductions and any other extraordinary expenses.
Mike Lawton from the Nevada Gaming Control Board said, “’For the state, an increase in revenue was primarily driven by gambling,” adding, “But due to an increase in expenses, the net loss for the state increased.”