Nevada Casinos lose revenue

Jan 31, 2011 9:24 PM

To no one’s surprise, the Nevada Gaming Control Board said Monday that Nevada’s largest casinos lost $3.4 billion during the fiscal year that ended June 30, 2010.

This compared with a loss of $6.8 billion in the previous fiscal year.

However, the losses in 2010 were mitigated by the casinos’ cost reduction efforts that reduced the loss by $4.5 billion.

The board listed 256 Nevada casinos that grossed at least $1 million in gambling revenue. More than three-quarters of the total gambling revenue came from 68 properties owned by public companies.

Las Vegas Strip casinos lost $2.57 billion on revenues of $13.3 billion, according to the report.