LAS VEGAS (AP) — A university analysis finds that Nevada’s casinos have taken on more debt than ever before, shifting the finances of the state’s largest industry into unprecedented territory.
The study released by the University of Nevada, Las Vegas Center for Gaming Research says that total liabilities for the state’s casinos have grown 18 fold since 1984 to $51.2 billion during the fiscal year that ended in June 2011. Casino revenues for fiscal 2011 are less than five times larger than what they were in 1984.
Director Dave Schwartz says the analysis shows that the investment and growth seen in the mid-2000s in Las Vegas was different from growth seen in the mid-1990s.
Schwartz says that since 2008, casinos have owed more in long-term debt than they collectively earn in revenue each year.