US casinos pull in record income
18th January, 2008
New figures have revealed that major hotel-casinos in Las Vegas generated their highest revenues ever in fiscal 2007.
Nevada's Gambling Control Board yesterday released a report showing that total earnings of $5.8 billion (£3 billion) were notched up by casino gambling institutions across the state.
After taking into account interest, taxes and amortisation that figure comes to a total of $2.3 billion - some $200 million higher than in 2006.
"This was the fifth straight year of increases in net income," the Associated Press reported control board analyst Frank Streshley as saying. "Revenues are still increasing. Expenses are too, but at a much lower rate."
Contributing to the higher outgoings, some $123 million in bad debt expenses had to be overcome by casino departments last year while an incredible $2.1 billion was also spent on complimentary services for gamblers.
Overall Mr Streshley remained optimistic about the sector, however, insisting: "If you look at the profit made during a slowing economy, it shows the industry was managing its expenses."
