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The Newsroom - 2004 |
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Gaming profit rebounded in fiscal 2003 after 9-11
February 11, 2004 - Nevada's gambling casinos posted profits of $845.3 million
in the last fiscal year ending June 30, rebounding from a $33.5 million loss the
year before.
The state Gaming Control Board reported today that total revenue - gaming,
rooms, food, beverage and others - reached $17.9 billion for the fiscal year,
which was $676.3 million higher than the prior year.
The rebound from Sept. 11 played a primary role in the increase, said Brian
Gordon, a principal with Applied Analysis.
"As we continue to move away from Sept. 11 we continue to see revenue growth and
gross gaming revenue pick up," said Gordon, whose firm does consulting work and
statistical analysis for the industry. "A lot of that is equating to
profitability.
"We're seeing a lot of the hotel-casinos continuing to operate efficiently with
relatively fewer employees than pre 9-11 - less employees per hotel room and
less employees per gross gaming revenue dollar, which suggests they're operating
more efficiently," Gordon said.
Frank Streshley, senior research analyst for the board, said that while revenue
was up, business expenses dropped $331 million. He said the $845.3 million is
net income retained by casinos after expenses but prior to deducting federal
income taxes and prior to accounting for extraordinary expenses.
The board reported $3.6 billion in EBITDA, cash flow, or a 43.2 percent gain
from the prior fiscal year.
The gaming portion of the industry accounted for $9.2 billion gross income;
rooms brought in $3.3 billion; food accounted for $2.4 billion of the gross
revenue; beverage sales reached $983.6 million and other revenue were $41.9
million. |
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Our
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Applied Analysis provides professional services in urban
economics, market analysis, financial advisory services,
information technology and hospitality/gaming consulting
services.
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Reliable data is the foundation of any solid analysis.
We are the market leader in information and research. We
track economic, development and fiscal trends, and
publish the area's most comprehensive office, industrial
and retail market survey.
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Applied Analysis has a broad client base, including both
public entities and private companies. We exceed our
clients' expectations by taking the time to listen to
their goals and then committing the time, resources, and
know how to help them find success.
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The 40 casinos on the Las Vegas Strip reported net income of $513.6 million, a
309.6 percent increase from the previous year. For the fifth straight year, he
said gaming win on the Strip made up less than 50 percent of all revenue. For
the past fiscal year, gaming accounted for 43 percent of the total revenue,
which reached $10.4 billion.
Downtown Las Vegas casinos reported total revenue of $1 billion, up 5.7 percent
from fiscal year 2002. Net income reported was $23.9 million, up 4,012 percent.
Laughlin casinos reported net income of $15.3 million or down 40.4 percent.
Total revenue in this market fell 0.1 percent to $843.5 million.
Boulder Strip casinos reached $100 million in net income, up 149.4 percent from
the prior fiscal year. Total revenue rose 6 percent to $946.1 million.
The balance of Clark County reported a decline of 8.8 percent in net income to
$66.5 million. Total revenue, however, was up 7.7 percent to $1.7 billion.
Washoe County clubs posted $47.2 million in net income, up 405.5 percent; South
Shore Lake Tahoe registered $39.6 million in net income, up 54.9 percent; Carson
Valley had $9 million, up 15.1 percent and Elko County had a 0.9 percent growth
in net income to $17.8 million.
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Article Copyright ©:
C. Ryan, Las Vegas Sun |
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