Latest figures indicate that Reno casinos are feeling the pinch of growing competition from Indian gambling in Northern California.
In recent weeks, several of the major Reno casinos have released third quarter profit figures. One of the most dramatic stories is that of the El Dorado Hotel and Casino, which went from a profit of about $10 million in the third quarter of 2002 to $3.7 million this year. The change is a stunning 63 percent drop in 12 months.
The news was also bad for the Circus Circus Hotel Casino, which reported a third quarter profit of $1.64 million, versus more than $4 million a year ago. That's a decline of 60 percent in one year.
The situation wasn't much better for the Silver Legacy, which saw net profits fall from $6.8 million in the third quarter of 2002 to about $4 million this year. Although not as precipitous as the declines other casinos, the quarterly profit for the Silver Legacy was down 41 percent
Analysts blame the decline on the growing popularity of California's 55 Indian casinos, especially the very popular Thunder Valley Casino near Lincoln, which opened last summer.
Indian gaming in the Golden State reported $3.6 billion in revenue last year, although some experts place the actual number at closer to $6 billion.@@
In recent weeks, several of the major Reno casinos have released third quarter profit figures. One of the most dramatic stories is that of the El Dorado Hotel and Casino, which went from a profit of about $10 million in the third quarter of 2002 to $3.7 million this year. The change is a stunning 63 percent drop in 12 months.
The news was also bad for the Circus Circus Hotel Casino, which reported a third quarter profit of $1.64 million, versus more than $4 million a year ago. That's a decline of 60 percent in one year.
The situation wasn't much better for the Silver Legacy, which saw net profits fall from $6.8 million in the third quarter of 2002 to about $4 million this year. Although not as precipitous as the declines other casinos, the quarterly profit for the Silver Legacy was down 41 percent
Analysts blame the decline on the growing popularity of California's 55 Indian casinos, especially the very popular Thunder Valley Casino near Lincoln, which opened last summer.
Indian gaming in the Golden State reported $3.6 billion in revenue last year, although some experts place the actual number at closer to $6 billion.@@
