While the industry of online casinos marches forward at a healthy pace, the casinos within the state of Nevada are not faring quite so well. For the second time in history, casinos within the state of Nevada posted a loss. And this time around the lost was super substantial. Online casino sites have managed to come through the current economic recession and financial crisis relatively unscathed, but the same cannot be said for the land based casinos within the state of Nevada. Just recently the gaming control Board releases dated report for the fiscal year of 2009 that indicate a net loss of $6.7 billion for the 260 biggest casino operations in Nevada. This comes as a staggering blow to an already fragile state economy that has seen better days in the past.

While online casinos have, for the most part, derived, the same cannot be said of the land based casinos located within the state of Nevada. The president of the Nevada resort Association described 2010 as a program this year for many of the casinos located with in the city of Las Vegas.

One of the ways that some of the casinos have been dealing with the financial setbacks has been to move forward with as many as three or four waves of layoffs. Layoffs are seen as one of the main effective ways that remains for cutting costs. The hope at this point is that the layoffs will be temporary until the nationally and locally economy is able to push forward into some sort of semblance of a recovery. But that may still be a long ways off. The one place where sales did not decrease was in the sale of liquor. Sales for our all apparently increased by 2.5% even as revenue associated with casinos, hotels and restaurants sunk.

Tags: economy, fiscal year 2009, las vegas revenue

This entry was posted on Friday, February 26th, 2010 at 12:25 am and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.