Nevada Casinos Can’t Win for Losing for Fifth Straight Year

Nevada Casinos Can’t Win for Losing for Fifth Straight Year

It had been the fifth year running for a downturn in Nevada’s web revenues for fiscal 2013, in line with the Gaming Control Board

It was bad news and type of good news for the Silver State’s gambling enterprises when Nevada’s Gaming Control Board circulated their annual Gaming Abstract Report late the other day. The bad news was that Nevada’s 263 combined casinos experienced a fifth straight year of financial web losses; nevertheless the good news is that their actual intake revenues increased a tad compared to 2012.

However, a net loss is a net loss, and fiscal 2013 had been a little bit worse than 2012, with a final tally of minus $1.348 billion,compared to $1.212 billion in 2012.

Sluggish Recovery

It is all area of the baby step healing up process from Nevada’s massive turndown through the country’s recession, which absolutely hit this area that is casino-centric since 2009. In reality, fiscal 2008 had been the last time Nevada’s casinos overall showed a web revenue, and that was for $721.1 million. The following year, the state took its biggest hit, having a $6.8 billion internet loss for casinos statewide. Ouch.

The vegas Strip naturally sets the speed with regards to Nevada gaming, and a small 1.7 per cent revenue jump through the final year that is fiscal was not sufficient to leave a profit; overall, Strip casinos marked a $1.5 billion loss for the entire year. But again, some silver lining here; that loss ended up being still 13 percent down from 2012’s $1.7 billion mark.

In most, Nevada’s gaming houses took in a tad over $23 billion in both nongaming and gaming monies for fiscal 2013, that was up lower than one percent from 2012’s $22.976 billion.

Not Just Gambling Money

The gaming report totals not merely intake from actual gambling, but from all nongaming sources as well; things like hotel rooms, shopping, dining, liquor, entertainment and sporting activities. A casino must have grossed in excess of $1 million in pure gaming revenues for the fiscal year prior, and that apparently precluded two that were part of the previous year’s report to qualify for inclusion.

The expression ‘net loss’ suggests what’s left after casinos have compensated away winners and other expenses, but doesn’t include either income that is federal being flourished the top or ‘extraordinary expenses’ a term that is not plainly delineated as far as what it would encompass. However, also included in the profit and loss are such things as monetary restructuring, which several properties took advantage of in 2012 to hit this fiscal year.

Perhaps the state coffers got a winner where profitability was concerned last 12 months; with general administrative expenses jumping up by as much as three percent hitting $10.6 billion, there have been no gains margins to publish within their annual reports either.

And when it came to where the funds is coming from, it absolutely was video gaming first with a 1.1 percent bump to $10.395 billion making it 45.1 of the take that is overall. Next were hotel spaces which hit $4.788 billion to account for another 20.8 percent. And finally, food revenues amounted to $3.454 billion, or 15 percent, across the board statewide.

For the time that is first 2007, gaming revenues overshadowed nongaming income as far as percentage increases for fiscal 2013. The small video gaming uptick ended up being compared to 44.8 percent in 2012, according to Gaming Control Board Senior Research Analyst Michael Lawton.

And that was mirrored particularly on the Las Vegas Strip, where gaming revenue went up one percent to 37 percent from 2012’s 36 percent for the time that is first the 2007 plummet.

But Lawton noted that looking into 2014 with substantial brand new nongaming tourist attractions such since the $100 million complex going up by MGM Resorts between New York New York and the Monte Carlo, as well as Caesars Entertainment’s $550 million Linq extravaganza those characteristics could perhaps flip-flop once more.

Nj’s Atlantic Club Closes Its Doors For Good

This is it: nj-new jersey’s Atlantic Club has shut its doorways for good after a colorful 33-year run.

A long time ago, the Atlantic Club was the casino that is top-earning all of Atlantic City. Owned in those days by Steve Wynn, commercials featured luminaries like Frank Sinatra, making the Atlantic Club the hip place to be for chi-chi East Coast gamblers.

But times change, as well as the Atlantic Club slowly found itself left behind by bigger and more modern casinos in the town not to say through the northeastern United States eventually finding it self last among all Atlantic City casinos in revenue. At 12:01 am Monday morning, the inevitable finally happened: the Atlantic Club ended up being shut down for good.

In reality, the casino had all but closed down several hours before this. Take in service ended sometime into the and the bars and restaurants closed hours before the official closing afternoon. That simply kept a few loyal gamblers and dealers out in the casino floor as the final seconds associated with casino’s life were counted down.

‘It ended up being extremely unfortunate,’ said server Maureen Cohen after finishing her final shift. ‘Can you think just how pathetic it will likely be to come over [a nearby] bridge and see a closed casino?’

Workers Left High and Dry

Many casino employees expressed their frustration at the lack of help they got from the continuing state or city government. An overall total of 1,600 employees destroyed their jobs as result of this casino and hotel shutting down; a lot of those were non-union and did not even receive a court-ordered $1,500 severance check.

‘Where was our support?’ asked cocktail server Kathy Buonasorte, who’d worked at the casino for 28 years. ‘They all left us. No politician helped us. No one came to truly save us.’

Indeed, the casino had been looking for the lifeline for quite awhile before it flattened. This past year, it nearly found one within the form of PokerStars, which hoped to get the casino in an effort to achieve a foothold in the brand new Jersey (and more broadly, the American) gambling market. But that deal went up in flames: after deadlines passed as well as the casino found down that PokerStars might not be authorized to purchase the casino, the Atlantic Club backed out of the purchase, leaving PokerStars on the hook for $11 million that they had loaned the casino money that ended up being anticipated to be used towards the agreed-upon $15 million purchase price.

Fire Sale

The Atlantic Club eventually filed for bankruptcy in November with no other buyers on the horizon. It was jointly purchased by Tropicana Entertainment and Caesars Entertainment for $23.4 million, though neither had any plans to make use of the casino itself. Tropicana now owns the casino’s client lists also the table that is physical and slots which will be hauled out later on this week while Caesars now has the connected casino, though it doesn’t have plans on how to immediately utilize it.

Exposed in 1980, the Atlantic Club was originally referred to as Golden Nugget, and was then owned by Steve Wynn. In old age, it would be known as the Grand, Bally’s Grand, and the Atlantic City Hilton. Its latest owners paid over $500 million to shop for the house in 2005.

The Atlantic Club depended more on casual, low-stakes gamblers in recent years. This became an issue as more casinos had been built in Pennsylvania, New York, and Delaware, leading more of their target clientele to gamble closer to their own homes.

Adult Entertainment Expo Brings the Sin to Sin City

The Annual AVN Adult Entertainment Expo kicks off in Las Vegas this week with lots of risque company

Las Vegas has generated its legacy on not only its casinos, but on the promise overt or else of intercourse, drugs and stone n’ roll. While ironically prostitution is, in fact, unlawful in Clark County the county by which Las Vegas sits few people realize this and most assume that sex is anywhere and everywhere. Plus they’re not entirely wrong, either wink, wink, nudge, nudge.

Annual AVN Awards Show

So where else would the Adult Video News (AVN) Awards show up each year but Sin City? It’s the perfect marriage of one illicit industry with another, and each enhances the other’s reputation, if only by association. And along with it comes the Adult Entertainment Expo (AEE), where you could see almost anything and we do mean any such thing.

This week, head on down to the Hard Rock Hotel and Casino for the 2014 awards show and all its ancillary debauchery; starting January 15, some 300,000 attendees will crowd Las Vegas, either directly participating or hoping to catch a glimpse of their favorite porn star(s), up close and personal if you happen to be in town.

It’s going to be four days that center around four events that are key as well as an industry trade show that encompasses everything from ‘pleasure’ products to porn producers hawking their wares and doing the shmooze. Think of it as Hollywood without the slightest pretext of artistry for those nude scenes.

Super Educational

Or for those that require a more legit meeting vibe you can even attend seminars, things with subjects such as ‘Porn Goes to university,’ ‘Avoiding the Blues After ‘Fifty Shades of Grey’ Fades’ and ‘The Feminist Porn Mystique’. And don’t forget those stage shows billed just as ‘sexy’ but given that sexy stage shows go on 24/7/365 in Las Vegas at numerous gentlemen that are so-called clubs around town these people might have to deliver a little more than sexy to hold unique.

At the smaller but parallel AVN Novelty Expo which runs one day in short supply of the Expo, closing in the 17th you can find all manner of racy lingerie, sexual aids, supplements to fire your loins, and every manner of aphrodisiacs, makeup, condoms, and ahem accessories for the bold and beaudacious among you.

The organization names alone are worth the price of admission. Names like Digital Sin, Bootiful Butt Enhancement Cream, SweetSpot laboratories and the infamous Fleshlight are among significantly more than 50 companies that will be attempting to land your business this 12 months. Evidently, intercourse sells literally.

Finally, there is the ever-popular AVN Fan Fest, where 300+ well-known porn stars will appear from January 16-18 to sign autographs and pose for photos (we’re unsure in what state of dress or undress). There is also something we are scared to know too much about called ‘The Lair’ -which is called being particularly designed for the kinkier attendees, making us guessing that whips, chains, and all manner of freaky fetish activity will be happening.

Or in the event that you want something only a little less potentially painful, exactly how about some Porn Star Karaoke or Porn Star Beer Pong? Surprisingly, turns away just about anything is more enjoyable when you add the word ‘porn’ in front of it.

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