Thanks for the second effort to get the link embedded - it really is an interesting article.
Casinos overall losing money BEFORE taxes is really something to me! Add in the 7.8% in taxes and gambling fees on their gambling revenue, and you're left to conclude that they'll go out of business unless they offset all this with their non-gambling revenue. Question in my mind is, are they doing that?
I would think they could make good money on their non-gambling activities IF they don't need to count all the comps as an expense in that part of their income. If they count it as an expense in the gambling sector of their accounting, and especially if they're allowed to expense it at the full retail value, I can start to see how they can lose money and still not suffer a real loss - it would be more on-paper type losses.
Who knows, with all the accounting tricks that businesses in general have, and with all the strange ways that casinos might account for their gambling revenues and expenses.
I always thought that any casino that lost money was either grossly mismanaged (and certainly many must be!) or something crooked was going on (which may still be possible too).
--BG
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> 10b. Nevada Gaming Abstract from Gaming Control Board
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> Sorry, I can't seem to get the fancy HTML
> editor to work.
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> http://gaming.nv.gov/modules/showdocument.aspx?documentid=7547
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