Nevada Online Gambling Hopefuls Show Good Financial Results
Nevada USA is still growing the gambling industry with results from various casino operators reporting financial results in the black. Casino operator Boyd Gaming saw net revenues rise 12.1% to $633.1m in Q1 2012, based primarily on the strength of its properties outside of Nevada. Boyd Gaming Chief Executive Officer Keith Smith credited “double-digit EBITDA growth at a majority of” its non-Nevada properties for its early 2012 success. Net revenues at Boyd properties in the Midwest and South regions, including the recently acquired IP Resort Casino in Biloxi, Mississippi, were up 32.4% from 2011.
Revenues at Boyd’s Las Vegas properties were up slightly but EBITDA was off 2.9% to $38.5m, which slumped in part by lower table game hold. American Gaming Systems which is a privately held gaming machine designer, manufacturer and operator has been granted licenses by Nevada regulators to manufacture and distribute gaming devices and to operate a slot machine program. International Game Technology gaming machine manufacturer and online poker hopeful saw an 8% drop in net profits in its fiscal Q2. The Nevada-based company posted revenues of $541.2m (+13%) and net income of $62.4m for the three months ending March 31. The company credited its revenue boost to its newly acquired interactive operations and a 32% rise in replacement units in North America.
Operations revenue was up 11% to $300.4m while product sales revenue rose 16% to $240.8m. The state of Nevada unfortunately doesn’t fare well when it come to a reputation for good living in a peaceful setting. The Institute for Economics and Peace has given the state of Nevada the distinction of being the country’s most violent state, with 654 violent crimes per 100k residents. The Washington-based research body’s 2012 United States Peace Index also posted Nevada as the ‘third least peaceful state’ only to be edged out by more violent states that don’t offer gambling to the extent that Nevada does, Louisiana and Tennessee.
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