Does surprise me. I don't believe it. It's all smoke and mirrors. Creative accounting. Lot's of junk bond holders and greedy executives.
Vegas strip has net loss of ~$2 billion while Laughlin reports $3 million net profit. Maybe its different out in desert buzzard country?
--- In vpFREE@yahoogroups.com, "vp_wiz" wrote:
>
> The Abstract might well have you thinking the average casino manager is shouting "we lose money on each room, but we make up for it in volume!"
>
> Still, never try to interpret an income statement without a sensible cash flow statement in hand as well.
>
> There have been plenty of "loss" businesses that generate a steady cash stream, and conversely, plenty of "profitable" businesses that have bled cash profusely. Over time, both statements (P&L and cash flow) necessarily tie to each other, but non-cash entries to an income statement can largely distort the true health of a business.
>
> In any case, when you consider the relatively recent construction spate in combination with the current economic downturn, is it any wonder that many casinos (particularly those on the Strip) are showing a loss presently?
>
> - H.
>
>
>
> --- In vpFREE@yahoogroups.com, Barry Glazer wrote:
> >
> > 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?
>
| Reply via web post | Reply to sender | Reply to group | Start a New Topic | Messages in this topic (5) |
