[media id=13 width=320 height=240]
Wendover Casinos saw a three percent decline in revenue but a 25 percent increase in profits in the 2010-2011 fiscal year according to the Gaming Abstract released last week.
According to Nevada Gaming control board analyst Mike Lawton the increase in profitability was due to massive reductions in interest owed by the casinos on loans as well a deep reduction in depreciation expenses.
for the state as a whole, Nevada’s major casinos saw total revenues increase to $22 billion last fiscal year, but the 256 properties reported a net loss of just under $4 billion, the Gaming Control Board reported today.
It was the third year of losses in a row. The only other loss since records have been kept came in 2002.
[media id=2 width=320 height=240]
The report, called the Nevada Gaming Abstract, analyzes those casino properties grossing $1 million or more in gaming revenue for the year ending June 30, 2011.
It shows that total revenues increased by just over $1.1 billion from Fiscal Year 2010, but the total dollar value of the loss reported by the properties increased as well, by $600 million from the $3.4 billion loss reported in 2010.
The abstract shows that 2008 was the last year the major casinos in Nevada turned a collective profit.
Lawton said the report shows mixed results for the gaming industry.
“Really there are two sides to this income statement and the first side obviously is revenues,” he said. “Revenues did increase. They are at $22 billion compared to $20.8 billion last year. That’s the first increase we’ve seen since Fiscal Year 2007, however it’s still about 13 percent below the peak levels we saw in Fiscal Year 2007.”
The expense side continues to show volatility, however, Lawton said.
The report shows that visitors are coming to Nevada and Las Vegas casinos, but they are spending less on gaming and more on other amenities, he said.
