Casino Revenue Loss In 2009 At Nevada Casinos Is Largest Ever

Everyone within the casino gambling industry knew that Las Vegas had one of its worst years ever in 2009. Nobody, however, expected a net loss that dropped over 1,000 percent from the previous year. That is what has been learned when figures were released this week.

The Nevada Gaming Control Board released on Friday the Gaming Abstract that contains figures from all areas of the gambling industry in Nevada. The net loss for 2009 was $6.8 billion, compared to the $721 million that was won in 2008. The figures represent a drop of over 1,000 percent.

"The casino industry will certainly recover from the effects of the economic recession," said Gaming Analyst Steve Schwartz, "Although these figures make things seem bleak, casinos in Las Vegas that have survived the past year should start to see some recovery in 2010, and certainly by 2011 should be back on track."

Several casinos in Nevada, however, will never see 2011. There are bankruptcy hearings taking place, and one casino resort has just changed owners. Planet Hollywood has been bought out of bankruptcy by Harrah's Entertainments.

Las Vegas Sands, MGM Mirage, and Wynn Resorts all have major resorts in Las Vegas, but it is their overseas interests that are keeping the companies afloat. The Macau gambling industry is booming and each of the aforementioned companies have resorts in Macau.

Sands is also building a casino resort in Singapore. Wynn and Sands held initial public offerings in Asia last year, and MGM is preparing to do the same later in 2010.

February 19, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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