Nevada Gold & Casinos reports $500,000 fourth-quarter profit

LAS VEGAS -- Nevada Gold & Casinos, Inc. on Monday reported a profit for the fourth-quarter and fiscal year, as the Las Vegas-based gaming company continues to reduce its debt and costs as well as benefit from a strong performance from its mini-casinos and slot operations.

The gaming company reported net income of $500,000, or 3 cents a share, compared with a net loss of $4.3 million, or 27 cents a share, in the fourth quarter of 2012.

For the fiscal year ended June 30, Nevada Gold posted earnings of $128,510, or a cent per share, compared with a net loss of $6.4 million, or 45 cents a share, last year.

“We exceeded our financial target for the year and continued deleveraging our balance sheet, positioning us well for fiscal 2014,” said Michael Shaunnessy, CEO and president of Nevada Gold.

The company owns and operates 10 mini-casinos in Washington state ands a slot route operation in Deadwood, S.D. Those businesses generated casino revenue of $57.5 million in fiscal 2013, compared with $47.4 million in fiscal 2012.

Shaunnessy expected results to continue to improve in fiscal 2014. He said Nevada Gold is “actively searching” for both new properties and management contracts.