Nevada Gaming Abstract Reveals Casinos Lost $1.2 Billion During Fiscal YearTotal Revenue Up 3.6 Percent But Increased Operating Expenses Lead To Losses |
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The Nevada Gaming Control Board released it’s annual gaming abstract on Wednesday, revealing a $1.2 billion loss for Nevada casinos during the fiscal year that ended June 30.
The losses come despite record revenue of $27.1 billion, which includes the money casino patrons spend on not only gambling, but also food, drinks, hotel rooms, and other forms of entertainment. In 2018, Nevada casinos won $11.9 billion from gamblers alone.
The abstract lists revenue data from any gambling establishment with more than $1 million in gross gaming revenue, which in Nevada includes 289 casinos.
The biggest reason for the loss are the added expenses taken on by Caesars Entertainment, which spent much of the year emerging from bankruptcy.
“There was a large company this fiscal year which experienced a very large amount of reorganization expenses due to their exit from bankruptcy,” said Michael Lawton, senior analyst with Nevada Gaming Control Board. “The good news is those are one-time charges, they are not recurring expenses. So if things keep going as they are, we shouldn’t see such a substantial net loss recorded next fiscal year.”
Overall, 61 casinos accounted for more than three-fourths of the total revenue in the state, with the Las Vegas Strip bringing in $18.3 billion. Reno saw it’s casinos generate $1.5 billion in total revenue, just narrowly edging out Downtown Las Vegas with $1.26 billion.
Even though the casinos ended the year with a net negative overall, the state still pulled in 7.5 percent of gaming revenue in taxes, which amounted to nearly $875 million.
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