Nevada's biggest casinos lose big in 2013

By Michelle Kapusta,

Nevada’s biggest casinos lost a combined $1.35 billion last year.

According to the Associated Press, state regulators reported Friday that the net loss marked the fifth straight year without an overall profit.

In all, the state’s 236 casinos have not reported a profit in the last five years, said Mike Lawton, senior analyst with the Nevada Gaming Control Board.

The Las Vegas Sun reported that the Control Board released the Nevada Gaming Abstract that details figures for the industry. It showed that gambling accounted for 45.1 percent of the total revenues. Food, hotel rooms, drinks and other attractions made up the majority of revenues.

The upside is that the casinos’ total revenue actually rose for the third consecutive year, to $23 billion. That's an increase of 0.4 percent, or $99.2 million, from 2012, the AP notes.

The decline in profits can be blamed on a number of things. The most obvious could be the unstable economy and a drop in visitors per year or visitors who have decided to drop less coin when they travel to the casinos.

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