CARSON CITY, Nev. — Nevada’s largest casinos suffered a combined loss of $1.2 billion in 2012 despite an increase in revenue but stemmed the rate of losses from the previous year, state casino regulators reported Wednesday.
The Gaming Control Board analyzed financial information from 265 Nevada casinos with $1 million or more in casino revenue. Casinos reported total revenue of nearly $23 billion, up from $22 billion the previous year.
The 2012 report marks the fourth consecutive year of losses for Nevada’s largest casinos. But it also marks a big improvement over last year, when the resorts had a combined loss of $3.9 billion.
Revenue from gambling amounted to $10.3 billion, up 1.1 percent, or $115.1 million, over 2011. The gambling revenue accounted for 44.8 percent of total revenue, with the rest coming from restaurants, shops, bars, entertainment and other sources.
In 2007, gambling revenue peaked in Nevada at $12.5 billion.
The latest report confirms a trend noted over the years, that gambling accounts for less of the revenue pie for Nevada’s large casinos.
“The customers’ wallets are being divided, and they’re spending more in other areas,” said Mike Lawton, senior analyst with the control board. “Those other areas are growing faster than gaming.”
For example, room revenue of $4.7 billion was up 8.7 percent, or $378 million. Food brought in $3.5 billion, up 6.3 percent, or $205.2 million. Beverage revenue totaled $1.6 billion, up 8.7 percent, or $130.4 million.
“All the other revenue areas are growing at higher rates and dollar amounts than gaming revenue,” Lawton said.
“People come to do other things,” he said, noting the expansion of casino gambling across the country. “You can find a crap table and slot machines just about anywhere these days.”
The 44 properties on the Las Vegas Strip included in the report had a net loss of $1.7 billion, down 22.1 percent from a loss of $2.2 billion last year.
It was the fourth consecutive loss recorded.
But total revenue of $15.3 billion was up 5.4 percent from $14.5 billion in fiscal year 2011. Lawton added that the total Strip revenue was only 3.5 percent below peak revenue recorded in 2007 before the recession took its hold in Nevada’s economy and vital tourism industry.
Gambling revenue on the Strip was $5.5 billion, accounting for 36.4 percent of the Strip’s total.
It is the 14th consecutive year that gambling revenue has made up less than 50 percent of all Strip revenue and is the lowest percentage recorded since the early 1980s when such record keeping began, Lawton said.