Nevada’s casinos report US$1.2bn loss in fiscal 2018

The biggest casinos in the state reported a net loss in fiscal 2018. Credits: tripsavvy.com

The facilities lost US$1.2 billion during the last fiscal year, ending June 30, 2018.

US.- The Nevada Gaming Control Board (NGCB) released a report that indicates that the largest casinos in the state lost US$1.2 billion during the last fiscal year, which ended on June 30, 2018.

The state gambling regulator revealed on Wednesday that the 289 casinos reported a loss from record revenue of US$27.1 billion. The data from the NGCB shows that revenue was up 3.6% compared with the previous fiscal year, which establishes an eighth consecutive reported increase.

The net loss was mainly attributed to expenses associated with the reorganisation of Caesars Entertainment after existing bankruptcy. It marked a stop in the state after casinos posted profits for two consecutive fiscal years.

Morever, the report includes information from casinos that grossed US$1 million or more in gambling revenues.

2018 was the third-best year in history as the state reported US$11.9 billion in revenues, or a 3% increase when compared to 2017’s results, and marked the fourth consecutive year of growth for casinos in Nevada. The best performance casinos had in the state was in 2006, when they reported US$12.6 billion, and 2007, which surpassed the previous year and totaled US$12.8 billion.

Despite being the third-best year, sportsbooks had their best performance in history with a record US$301 million in revenue and a record handle of US$5 billion.

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