Nevada's Biggest Casinos Lose $1.2B in 2012 - 8 News NOW

Nevada's Biggest Casinos Lose $1.2B in 2012

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CARSON CITY, Nev. -- Nevada's largest casinos suffered a combined loss of $1.2 billion in 2012, despite an increase in revenues.

The annual "Gaming Abstract" released Wednesday by the state Gaming Control Board analyzes the financial information of casinos in the state that gross $1 million or more in casino revenues.

There were 265 Nevada casinos that fell into that category during the 2012 fiscal year that ended June 30 of last year.

Applied Analysis economist Brian Gordon said the report of combined losses should not raise any red flags.

"We're moving in the right direction," Gordon said. "When you look at any of the public findings for MGM Resorts or Caesars Entertainment, their properties are generating positive cash flow."

Casinos reported total revenues of nearly $23 billion, up from $22 billion the previous year.

"We know that the number of visitors coming to Las Vegas -- for example, this past year -- is going to reach about 40 million visitors, more than we've ever seen," Gordon said. "There are a number of signals on the horizon suggesting that demand is going to continue in a positive direction."

He added that tourists are spending in other areas, including food and drink, and shopping.

The 2012 report marks the fourth straight year of losses for Nevada's largest casinos. But it also marks a big improvement over last year, when the resorts had a combined loss of nearly $4 billion.

(The Associated Press contributed to this report.)
 
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