{"id":97867,"date":"2019-02-07T07:38:17","date_gmt":"2019-02-07T15:38:17","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=97867"},"modified":"2019-02-07T07:38:17","modified_gmt":"2019-02-07T15:38:17","slug":"las-vegas-strip-casinos-report-loss-in-latest-fiscal-year","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/","title":{"rendered":"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year, Caesars Bankruptcy Cited"},"content":{"rendered":"

Casinos on the Las Vegas Strip collectively lost $1.7 billion during the latest fiscal year, primarily a result of costs associated with Caesars Entertainment’s bankruptcy reorganization.<\/p>\n

\"Las
Despite record revenues, Caesars Entertainment’s bankruptcy brought Las Vegas Strip casinos into the red. (Image: North Jersey Record\/USA TODAY\/Casino.org)<\/figcaption><\/figure>\n

The Nevada Gaming Control Board (NGCB) released its 2018 “Gaming Abstract” report this week revealing the financial losses. The document is a report combining financial information<\/a> regarding the state’s gaming licensees that generated gross revenue of at least $1 million during the 12 months that ended June 30, 2018.<\/p>\n

\n

Total revenue was $18.3 billion for casinos on the Strip. Gaming accounted for $6.28 billion, or 34.3 percent of the income. It’s the 20th consecutive year where gambling floors generated less than 50 percent of Strip casinos’ overall revenue.<\/p>\n<\/div>\n

Rooms were responsible for more than $5.1 billion in revenue, food and beverage $4.2 billion, and “other” $2.7 billion. Downtown Las Vegas reported net income of $115.3 million, a 4.5 percent gain on 2017.<\/p>\n

Statewide, casinos lost $1.2 billion despite a record $27.1 billion in revenues. There were 289 casinos in Nevada that grossed $1 million or more in gaming during the 12 months.<\/p>\n

All Blame Caesars<\/b><\/h2>\n

Caesars Entertainment officially emerged from Chapter 11 bankruptcy protection in October of 2017. Dubbed the “most complex bankruptcy in a generation” by the company’s own lawyers, the costs of restructuring one of the largest casino empires on the planet pushed profits into the red.<\/p>\n

The Abstract shows that statewide general and administrative expenses totaled $13.33 billion. That’s a more than 30 percent increase on 2017’s G&A expenses, which totaled $10.22 billion.<\/p>\n

\n

There was a large company this fiscal year which experienced a very large amount of reorganization expenses due to their exit from bankruptcy,” NGCB Senior Analyst Michael Lawton told the Las Vegas Review-Journal<\/i>. “The good news is those are one-time charges, they are not recurring expenses.”<\/span><\/h2>\n<\/blockquote>\n

“If things keep going as they are, we shouldn’t see such a substantial net loss recorded next fiscal year,” Lawton concluded.<\/p>\n

Caesars Entertainment operates 12 casino properties in Nevada, nine of which are on the Las Vegas Strip.<\/p>\n

Visitor Rebound<\/b><\/h2>\n

The 2018 Abstract includes the period of the October 2017 shooting that killed 58 people and left hundreds injured. The NGCB report reveals that visitation declined in the months after the Strip massacre, but quickly rebounded.<\/p>\n

In the wake of the horror, the Las Vegas Convention and Visitors Authority pleaded with tourists, “We’ve been there for you during the good times. Thank you for being there for us now.”<\/span><\/strong><\/p>\n

The Las Vegas economy, of course, is primarily dependent on tourism.<\/p>\n

\n

Hotel occupancy was at more than 94 percent in September. After the shooting, it decreased to 88.1 percent in November, and 80 percent in December.\u00a0GGR on the Strip suffered as a result. Gaming win declind for four consecutive months following the shooting.<\/span><\/p>\n<\/div>\n

However, visitors returned, and occupancy rates increased back to 87.5 percent in January, 88.6 percent in February, and 95.2 percent in March. Gaming revenue eventually returned<\/a>, too.<\/p>\n","protected":false},"excerpt":{"rendered":"

Casinos on the Las Vegas Strip collectively lost $1.7 billion during the latest fiscal year, primarily a result of costs associated with Caesars Entertainment’s bankruptcy reorganization. The Nevada Gaming Control Board (NGCB) released its 2018 “Gaming Abstract” report this week revealing the financial losses. The document is a report combining financial information regarding the state’s […]<\/p>\n","protected":false},"author":25,"featured_media":97870,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18,13592],"tags":[],"acf":[],"yoast_head":"\nLas Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year<\/title>\n<meta name=\"description\" content=\"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year\" \/>\n<meta property=\"og:description\" content=\"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-07T15:38:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/\",\"url\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/\",\"name\":\"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg\",\"datePublished\":\"2019-02-07T15:38:17+00:00\",\"dateModified\":\"2019-02-07T15:38:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Despite record revenues, Caesars Entertainment's bankruptcy brought Las Vegas Strip casinos into the red. (Image: North Jersey Record\/USA TODAY\/Casino.org)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year, Caesars Bankruptcy Cited\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\",\"name\":\"Devin O'Connor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png\",\"caption\":\"Devin O'Connor\"},\"description\":\"Devin O'Connor is a senior reporter for Casino.org, covering politics, casino business, entertainment and gaming news on the East Coast. Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. Contact Devin at devin.oconnor@casino.org.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/devinoconnor\/\",\"https:\/\/x.com\/CasinoorgDevinO\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/devin-oconnor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year","description":"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year","og_description":"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.","og_url":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2019-02-07T15:38:17+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg","type":"image\/jpeg"}],"author":"Devin O'Connor","twitter_card":"summary_large_image","twitter_creator":"@CasinoorgDevinO","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Devin O'Connor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/","url":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/","name":"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg","datePublished":"2019-02-07T15:38:17+00:00","dateModified":"2019-02-07T15:38:17+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf"},"description":"Las Vegas Strip casinos collectively lost $1.7 billion in the latest fiscal year, primarily due to Caesars Entertainment's bankruptcy restructuring.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/02\/8945706_web1_caesarsbankruptcy_072417_rb_005.jpg","width":1200,"height":800,"caption":"Despite record revenues, Caesars Entertainment's bankruptcy brought Las Vegas Strip casinos into the red. (Image: North Jersey Record\/USA TODAY\/Casino.org)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/las-vegas-strip-casinos-report-loss-in-latest-fiscal-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year, Caesars Bankruptcy Cited"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf","name":"Devin O'Connor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-4-1-96x96.png","caption":"Devin O'Connor"},"description":"Devin O'Connor is a senior reporter for Casino.org, covering politics, casino business, entertainment and gaming news on the East Coast. Devin's passion for politics and background in the world of pop culture television gives him insight into the gaming industry backstories that often drive news these days. After graduating from Penn State University with a theater arts degree, he worked at MTV Networks\/Viacom from 2005 to 2010 as a writer and producer. His credits included Total Request Live, New Year's Eve specials, and a special featuring poker superstar Daniel Negreanu. He later moved on to the HGTV\/DIY Network, where he created, wrote, and produced three series specials: That's So House Hunters, That's So 80s, and That's So 90s. Devin came on board with Casino.org in 2014. He lives in Pennsylvania and is an avid marathoner, having completed 15 races. Contact Devin at devin.oconnor@casino.org.","sameAs":["https:\/\/www.linkedin.com\/in\/devinoconnor\/","https:\/\/x.com\/CasinoorgDevinO"],"url":"https:\/\/www.casino.org\/news\/author\/devin-oconnor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/97867"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=97867"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/97867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/97870"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=97867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=97867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=97867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}