Las Vegas casinos are surprisingly unprofitable Last update: March 2018 You'd be forgiven if you imagined that casinos rake in the profits hand over fist. After all, every game is set up in the house's favor, so why shouldn't they? Well, surprisingly, lots of casinos struggle, and a fair number actually go bankrupt. While they take in a lot of customer money, expenses are high, including employee salaries, utilities, and the loan payment on the building and furnishings. Here's a rundown of some notable struggles with profit. Revenue is plummeting One reason casinos are doing so poorly is that gambling revenues are going down. This is attributed to older gamblers passing on and not being replaced by as many millennials. Gambling revenue is plummeting Las Vegas Nevada Peak (2007) $6.8B • 49,891 machines $12.8B • 174,677 machines 2015 $6.3B • 42,703 machines $11.1B • 149,364 machines More slots stats on the slots page. (IMGL) Lucky Dragon goes bankrupt 15 months after opening Lucky Dragon was the first resort property to be built from the ground-up after the Cosmopolitan in 2010. It opened in November 2016, shuttered the casino in Jan. 2018, and filed for bankruptcy in Feb. 2018. The hotel is still operating as of March 2018. (LV Review-Journal) SLS faces bankruptcy SLS, which replaced the Sahara, hasn't turned a profit since it opened in 2014. As of Dec. 2017, it's reportedly facing bankruptcy. (LVRJ) Caesars files for bankruptcy Caesars Entertainment, which owns 10 properties on the Strip and is the largest U.S. casino operator, filed for Chapter 11 bankruptcy in Jan. 2015, erasing about $10 billion in debt. (It's funny how they can use legal maneuvers to get out of paying what they owe, while if you stole a $5 chip from the casino you'd go to jail.) It emerged from bankruptcy in Oct. 2017. (Fortune, LVRJ) Riviera goes bankrupt and closes A popular strip casino which appeared in several movies, it filed for bankruptcy in 2010, closed for good in 2015, and was demolished in 2016. (WP) MGM Resorts loses hundreds of millions of dollars MGM Resorts, which owns a whopping 10 of the 29 strip casinos, suffered the following losses: 2015: $448M loss 2014: $150M loss 2013: $172M loss 2012: $1.8B loss 2011: $3.1B profit 2010: $1.4B loss 2009: $1.3B loss 2008: $900M loss (Source: Amigo Bulls) Other sources LV Revealed's Las Vegas Casino Death Watch is comprehensive reporting on casino troubles and closings.