A lot of confusion here...
The lossy / lossless debate is relevant when comparing digital files - some being lossy, i.e. using psychoacoustic algorithms to eliminate some low volume frequencies at some times, like MP3) and some being lossless (I.e. pure digital samples without such compression, e.g. FLAC files or Redbook CD).
Vinyl is analog, not digital. By proper digitalisation with both appropriate horizontal resolution (>40khz, since we can't hear above 20khz, and Shannon tells us to use a sampling frequency at least twice the max) and vertical resolution (16 bits with proper dither like properly produced CDs, or 24 bits), you will restitute perfectly all the audio information contained in the original vinyl. Of course if you use proper equipment along the way, and especially a good Analog/Digital Converter.
Vinyl can definitely sound very good, but digital can do just as good. The vinyl revival is emotional and artistic (nice 12'' art covers) but not rational.