Publishing its financial results for the three months to January 31, Nevada Gold & Casinos, operator of nine gaming venues in Washington and two more in Nevada and South Dakota, reported an increase in net revenue to $18.1m, up from $17.9m a year prior.
Driven primarily by an increase in revenue of $0.4m across its Washington estate, Nevada Gold saw operating income climb to $0.6m against an operating loss of $0.5m for the corresponding period a year earlier.
Operating expenses were $17.5m compared to $18.4m in the prior year period, which included a $1.1m impairment loss.
The company recorded a non-cash tax expense adjustment of $0.3m as a result of the new corporate tax rate. Net income was also back into the black, at $0.2m compared to net loss of $0.7m in the corresponding three-month period of the last financial year.
The $0.4m increase in Washington state gaming operations was largely due to the re-purposing of one location as a poker-only operation. Poker revenues increased $0.3m while other gaming revenue was unchanged for the period, despite removing 10 tables as a result of the poker move.
“Our strategic poker repositioning in Washington has performed well, and as we reduce our target marketing in support of this move, we expect increased EBITDA contributions from the Washington portfolio,” said president and CEO Michael Shaunnessy in a statement.
For the nine-month period of the company’s 2018 financial year, net revenues were $56.1m compared to $54.6m in the comparable period of the prior financial year.
