Statewide casinos post $7.49 billion decline

Nevada casinos reported a $7.49 billion loss in revenue compared to the previous year in a report issued by the Nevada Gaming Control Board on Friday.

The annual Gaming Abstract, revealed that 260 casinos with revenues over $1 million earned $3 billion less than the previous year, with about $22 billion in revenues from gaming, rooms, food, beverages and other sources.

Statewide casinos reported a $6.77 billion loss by the end of June 2009.

That compares with a $721 million profit for the year ending June 2008. During that year, casinos took in a total revenue of $25 billion.

Stateline casinos, which are the chief source of revenue for Douglas County, reported revenues of $427.7 million by June 2009, with a loss of $259.6 million, or 60.7 percent.

At the end of June 2008, Stateline's casinos reported $518.6 million in revenues and a loss of $19.3 million or 3.7 percent.

Carson Valley casinos took a $8.682 million loss during fiscal year 2008-09 according to the abstract. Casinos earned $154.5 million during the fiscal year.

During the same period the prior year Carson Valley casinos, which include all areas of Douglas County outside of Lake Tahoe and Carson City, reported a loss of $7.53 million before federal taxes. During that year those casinos reported total revenue of $176.34 million.

Gaming Control Board analyst Frank Streshley said that the economy and recession were among the obvious answers to the decrease, but there was also a large block that included accounting losses, asset writedowns and other areas related to the economy.

"That is a big block of the difference with last year," he said.