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LAS VEGAS-Casino industry net income tumbled by 68% statewide and 57% on the Las Vegas Strip during the 12-month period ended June 30, 2008, according to a fiscal 2007 report released Friday by the state Gaming Control Board. The report covers all casinos statewide that grossed at least $1 million in gaming revenue, which in this case totaled 266 properties, including 40 on the Las Vegas Strip. The net income figure is computed before federal taxes and extraordinary expenses.

The national economic decline officials began in January 2008, mid-way through fiscal 2007. Control Board senior research analyst Frank Streshley reports that total revenue fell only 1% but general and administrative costs rose 16%, the latter attributable at least in part to increased interest expense related to private equity buyouts and resort expansions as well as increased discounting in the second half of the fiscal year. Streshley was not available Tuesday afternoon for comment.

Statewide, net income fell 68.6% to $721 million. On the Las Vegas Strip, net income fell 57.3% to $709.3 million.

Slot machines accounted for 67.6% of statewide revenue, which totaled approximately $12 billion. Table games plus bingo and keno accounted for more of the remainder, 28.8%.

On the Strip, slot machines accounted for 53.9% of revenue, while food brought in 25.8% of the total and hotel rooms brought in 14.7% of the total. Bar sales accounted for 5.2% of revenue.

Casino net income in Downtown Las Vegas fell 54.2% to $30.8 million. Casino net income in Laughlin fell 51.3% to $49.8 million. Casino net income on the Boulder Strip was negative at $6.1 million. Casino net income for the remainder of Clark County, which is home to 54 casinos including those in Mesquite and North Las Vegas, fell 235.9% to $146.2 million.

Net income data wasn’t immediately available for year-to-date fiscal 2008. Gaming win, the amount gamblers lose in casinos, for that period was $4.67 billion statewide, a 12.9% decline from the same 2007 period. On the Strip gaming win fiscal year-to-date was $2.45 billion, down 14.2%. The Boulder Strip and Laughlin markets are off 14.6% and 11.6%, respectively.

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