Carson City area casinos post $14 million net income

The 289 non-restricted casino licensees in Nevada generated a record $27.1 billion in fiscal 2018.

That’s the eighth consecutive increase and the highest total ever for revenues from gaming, rooms, food, beverages and other sources. The total is 3.8 percent and $933.2 million above FY 2017’s annual revenue total.

But Gaming Control Board Analyst Mike Lawton said the annual results were mixed because those same licensees also reported a net loss of $1.168 billion before federal income taxes and extraordinary expenses.

That net loss was reported in the “General and Administrative Expenses category” that includes, among other things, taxes, payroll and benefits, utilities and depreciation as well as one time expenses resulting from, in this case, bankruptcies. While Lawton was unable to be specific, the obvious answer is the huge Caesar’s bankruptcy reorganization.

That bankruptcy resulted in a $2.7 billion swing from the $1.56 billion net income resorts reported in FY 2017.

While the vast majority of those costs were in Clark County, that total includes a $324 million net loss in the south shore Lake Tahoe reporting area, a sharp reversal from the $27.2 million in net income that area reported a year ago.

Total revenue at Stateline’s seven licensees was $406.4 million, a $10.7 million, 2.7 percent increase. Gaming revenues grew by 1.8 percent and room revenues by 2.8 percent.

Total revenues at south shore are now up in four consecutive years after eight consecutive losses.

In the Carson Valley Area, which includes valley portions of Douglas County as well as the capital, 15 resorts generated $14.2 million in net income. That’s the area’s eighth consecutive year in the black.

Total revenue for Carson was $164.9 million, a 7.8 percent increase. Gaming revenue was up 7.5 percent to $107.2 million.

Washoe County’s 37 casinos reported $1.67 billion total revenues and net income of $97.4 million for the year

Statewide gaming revenue for those non-restricted licensees grew 4.4 percent in FY 2018 to $11.6 billion or 42.8 percent of total revenue. Gaming revenue has now increased in seven of the last eight years.

Revenues from food, beverages, rooms and other sources are all at record highs and account for 57.2 percent of total revenue.