This week in the Green Felt Journal I wanted to revisit an issue that continue to be relevant: casino debt loads” It’s the dark matter of the Las Vegas casino business: there, but not readily apparent to the naked eye. You can spy reflections of it in deferred maintenance and longer check-in lines on the
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Vegas Seven, writingMy commentary piece on casino debt came out in the Las Vegas Business Press yesterday: Like households, all businesses take on debt as a part of their usual operations. Without borrowing money, it is difficult, if not impossible, to grow. Casinos are no different; for decades, theyve been borrowing money to build, expand and renovate.
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Las Vegas Business PressAnother Thursday, another Green Felt Journal in Vegas Seven. This week, I tackle casino debt with the help of Eugene Christiansen: It’s no secret that casino companies are more debt-encumbered now than they’ve ever been. In 1990, the average big Las Vegas Strip casino (those earning more than $72 million a year in gaming revenue),
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news about gambling, writingAccording to the 2007 edition, page 2-19, in 2007 the 23 casinos in the Las Vegas Strip area that made more than $72,000,000 had total casino revenues of about $5.9 billion, and wrote off about $112.5 million to “bad debt expense.” So 1.9% of total casino income is lost to bad debts.
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news about gamblingA recent case of kickbacks opens up an interesting public policy question that will probably not be answered. From the LV Sun: A vice president of Fry’s Electronics who is accused of swindling the company out of more than $65 million has long been on the radar of Clark County prosecutors. The Internal Revenue Service
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