Nevada Gold & Casinos see mixed results for 2018 fiscal year
Nevada Gold & Casinos have reported a significant drop in year-on-year revenue for the final quarter of the fiscal year ending 30 April 2018.
The company reported net revenues of $18.5m for the fourth quarter of the 2018 fiscal year, which is less than 2017’s reported $19.8m net revenue.
Operating income also took a substantial hit at $0.6m for 2018, down from $2.5m in 2017.
The company also reported a drop in its consolidated EBITDA with $2.1m compared to $2.6m the previous year.
In regards to the 2018 fiscal year the company reported a miniscule increase of $74.6m in net revenues compared to $74.5m in 2017.
Despite not having made mssive movements in terms of growth, the company reported operating expenses of $72m for 2018 down from $72.7m the year prior.
On a positive note Nevada Gold reported a net income of $1.3m an increase on last year’s $0.6m net income.
According to Nevada Gold & Casino’s report: “The financial results reflect an adjustment related to progressive liabilities for $0.6m in fiscal 2018 and $0.2m in the prior year which reduced casino revenue and marketing expense equally with no effect on operating income. Of this adjustment, $0.1m related to the fourth quarter of both 2018 and 2017.”
Nevada Gold & Casinos is also conducting a strategic review which includes a restructuring and the sale of its slot route operations in South Dakota on 30 June and the agreement to sell Club Fortune Casino in Nevada for $14.6, both of which saw significant losses for 2018.
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