A state report Thursday on major Nevada hotel-casinos shows a nearly 14 percent drop in earnings before taxes, interest, depreciation and amortization, or EBITDA, to $2.9 billion in fiscal 2002.
The EBITDA, about 17 percent of the resorts’$17.3 billion in total revenue for the fiscal year that ended last June 30, compares with $3.37 billion in EBITDA and $18.1 billion in total revenue in the previous fiscal year.
Besides the EBITDA, the indicator that analysts watch most closely, the report from the state Gaming Control Board shows a bottom-line net loss of $33.5 million for the clubs.
That loss is due to a $369 million general expense item, caused mainly by a write-down by various resorts in the values they assign to their properties. That’s a change on paper, rather than an actual loss of dollars, listed in the unaudited report.
The annual Gaming Abstract report says the $33.5 million loss compares with a $554.4 million net gain in the previous fiscal year _ and net gains that went as high as $1.36 billion over the past two decades.
The latest figures”reflect what was happening to the Nevada economy even before Sept. 11,”said the Control Board’s Frank Streshley.”We had a slowdown of the national and global economies that was accelerated by Sept. 11.”
The $17.3 billion in statewide gross revenues in fiscal 2002 includes $8.9 billion from bicentenariobu casino games, down nearly $400 million from the prior year.
As a percent of total revenues, casino games held fairly steady, accounting for 51.5 percent of the total. Hotel rooms accounted for $3.18 billion, or 18.4 percent, down 0.8 percent.
Restaurant food accounted for $2.33 billion, or 13.5 percent; and liquor and other bar sales for $940.9 million, or 5.4 percent.
On the expense side of the ledger, the resorts reported year-to-year decreases in payroll, interest, complimentary services to high-rolling gamblers and advertising.
But increases were reported in executives’salaries, utility bills, bad debts, taxes and in a catchall”other”category. That includes various legal expenses, architectural fees, insurance premiums, garbage bills and assorted other costs.
Executives’pay increased 25 percent, to $48.5 million. But payroll for administrative, non-departmental employees dropped 2.7 percent to $931.2 million.
Interest expenses dropped 16.2 percent to $1.19 billion; and utility costs rose nearly 11 percent to $363.2 million.
Complimentary services dropped 5.5 percent to $180.3 million; and advertising dropped nearly 5 percent to $362 million.
All those costs are listed under general and administrative expense, which totaled $7 billion. That’s up 2.6 percent from the previous year.
In the separate”cost of sales”accounting category, a $10.33 billion total was 3.6 percent lower than the previous year’s total.
“Cost of sales”includes money spent on departmental payrolls and on supplies for all hotel-casino operations _ everything from new card decks for blackjack tables to food for restaurants and liquor for bars.
The category used up nearly 60 percent of the gross revenue. General administrative costs took the rest. Both percentages were close to the percentages for the year before.
The report is based on financial data from 249 hotel-casinos that each grossed more than $1 million during the year and account for almost all of Nevada’s casino revenues.
A breakdown shows resorts on the Las Vegas Strip grossed $9.88 billion and had a net loss of $245 million mainly as a result of the Strip resorts’asset value write-downs.
Downtown Las Vegas resorts grossed $1.09 billion and reported net profits of $581,756.
Major clubs in the Reno-Sparks-North Tahoe area grossed $1.62 billion and had a net loss of $8 million.
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