Fifth Year in the Red Nevada Casinos See Loss of $1.35B in 2013

US gambling laws - GamingZion

Bad news for Nevada casinos, as the loss of $1.35 billion at the end of 2013 marks the fifth straight year of red ink.

In US gambling news, the Nevada Gaming Control Board released its annual figures tracking the collective performance of the state’s 263 gaming joints, which grossed $1 million or above in the past year.

While the ‘Gaming Abstract’ showed increases in the casinos’ total revenue to be up by 0.4% when compared to 2012, the losses are still occurring.

After the change in US gambling laws in 2013 licensing online gambling, implemented in three US states, including Nevada, mobile betting has become a point of concern for Nevada’s casinos.

Nevada casinos hits fifth straight year in the red with a collective loss of $1.35 billion in 2013

Nevada’s casinos have lost a combined $1.35 billion over the duration of 2013, which is 11.2% more than the $1.2 billion loss in 2012. It also means the state’s casinos have collectively seen the fifth straight year of red ink.

For casinos on Las Vegas’ Strip, the losses have been marginally better, in fact, they have improved by 13% and have seen Strip gaming revenue increases of 3.5%, and total revenue increases of 1.7%.

A large component of the Strip’s revenue came from gaming, totaling in at a 37% increase, but still below the stateside average of 45.1%. Sportsbook revenue, however, has been falling each year since its peak in 2007, only comprising 1.3% of statewide gaming revenue in 2013.

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