The Nevada Gaming Control Board has just published its report on fiscal 2004 profits for 258 Nevada casinos. The report covers gross and net pretax profits and statewide earnings before interest, taxation, depreciation and amortization (EBIDTA), and details given are by area. Across the state casinos grossed $19.59 billion and a net income of $1.33 billion. Naturally enough it was the Las Vegas Strip that pushed revenues into the billion dollars, providing $1.03 billion net or 77.4% of the total.

The only area in Nevada to make a net loss was Laughlin, which grossed $862.9 million. Laughlin is just 90 miles from Las Vegas on the banks of the Colorado River, and attracts some 5 million visitors annually. Water sports and other recreational activities are available as well as the casinos, making Laughlin a fast-growing tourist destination and gambling resort. The settlement, once known as South Pointe owing to its proximity to Nevada's southern tip, originally catered for gold and silver miners and construction workers from the nearby Davis Dam. Laughlin's first casino opened in 1966 at the Riverside Resort and a second followed shortly after. This is now the Golden Nugget Laughlin and at present there is a total of nine casino resorts employing around 14,000 workers. Profits for the year would have been up by around 200% except for one casino write down of assets by $80 million.

The area known as Boulder Strip reported the highest net income after the Strip, $100.9 million from a grossed $1.02 billion. Also known as 'the other Strip' it is preferred by some as it has less traffic congestion and noise than the Las Vegas Strip. Boulder Strip is about 10 minutes from McCarren Airport. The other areas in the report are Downtown Las Vegas (gross $1.09 billion; net $42.1 million); Other Clark County Clubs (gross $1.88 billion; net $88.4 million); Reno-Sparks (gross $1,79 bilion; net $41.9 million); Stateline (gross $557.1 million; net $34.9 million); Elko County (gross $325.8 million; net $14.7 million) and Carson-Gardnerville (gross $155.2 million; net $3.1 million).

Latest figures show that gambling revenues are still rising in Nevada, with most gaming companies posting quarterly income statements that emphasize the trend. Las Vegas is expecting record numbers of visitors in 2005, many from overseas taking advantage of the lower dollar, and analysts are bullish about gaming shares in the United States. An increasing proportion of revenue is coming from non-gaming activities, particularly on the Strip. If growth in revenue figures continues apace, then 2005 should be a record year for the casino industry, in the United States at least. (E-02.03.05)

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