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Nevada's largest casinos report $1.2B loss in fiscal 2018

Posted: 8:14 PM, Feb 06, 2019
Updated: 2019-02-07 04:14:10Z
Golden Gate hotel-casino announces major expansi

LAS VEGAS (AP) — Nevada's largest casinos lost $1.2 billion during the fiscal year that ended June 30.

State gambling regulators on Wednesday said the 289 casinos reported the loss from record revenue of $27.1 billion.

Data from the Nevada Gaming Control Board show revenue was up 3.6 percent compared with the previous fiscal year, marking the eighth consecutive reported increase.

The posted net loss was driven by expenses associated with the reorganization of Caesars Entertainment after existing bankruptcy.

The loss came after casinos had posted profits for two fiscal years in a row.

The comprehensive annual report includes data from casinos that grossed $1 million or more in gambling revenues.

Gambling activities accounted for $11.6 billion of the total revenue. The report found that 76.2 percent of the gambling revenue came from 61 casinos owned by publicly traded companies.