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>\nThe Las Vegas economy, of course, is primarily dependent on tourism.<\/p>\n
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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>\nHowever, 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":"\n
Las Vegas Strip Casinos Report $1.7B Loss in Latest Fiscal Year<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n