By Dave Anderson:
I have to run out the door in a minute, so I just want to grab a big post straight from Calculated Risk regarding the maturing of the casino interest and how they will not be the cash cows to save all state budgets:
From Cy Ryan at the Las Vegas Sun: Report: Casinos lost money for second time in history
The state Gaming Control Board today released its �Gaming Abstract� for fiscal year 2009, which ended June 30, showing a net loss of $6.7 billion among the 260 major casinos in Nevada.Total revenues were down from $25.0 billion in fiscal 2008 to $22.0 billion in fiscal 2009. Gambling was off 12.7%, room revenue off 16.6% (hotels are getting crushed everywhere), but beverage sales were flat!
Clubs along the Las Vegas Strip, which makes up 53 percent of the gambling revenue in Nevada, registered a $4.1 billion loss.
...
The only other time Nevada gaming companies reported a loss was in 2003, of $33.5 million, said Frank Streshley, chief of tax and licensing for the board.
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