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Nevada Lawmaker Questions Shrinking Casino Profit Report16 February 2001CARSON CITY, Nevada – As reported by the Associated Press: “A report showing a sharp drop in the bottom line for major resorts was questioned Thursday by an advocate of higher tax collections from big casinos. ”The annual Gaming Abstract, released by the state Gaming Control Board, said Nevada's biggest casinos provided unaudited reports showing a huge drop in their net profits, from $876.6 million in fiscal 1999 to $496.8 million in fiscal 2000. ”`That's creative accounting,’ said state Sen. Joe Neal, D-North Las Vegas, who survived a challenge by a casino-backed opponent in the 2000 elections and is making another bid to raise taxes paid by the casinos. Now casinos pay 6.25 percent on gross revenues. ”Neal said the key is to look at the total gross revenues amassed in fiscal 2000 by the casinos -- a record $17.56 billion before a long list of expenses were figured in. ”…Bill Bible of the Nevada Resort Association said the Gaming Abstract report shows for the first time that the amount the clubs netted is lower than the state taxes they paid -- some $700 million. ”Bible, whose association represents most major resorts in Nevada, also said the industry has shouldered its load of the tax burden before and will again -- but doesn't want to be singled out as the lone business or industry that should pay more…” |