Business was flat in the Las Vegas area for Cannery Casino Resorts LLC during the first quarter, and the company's loss increased.
A financial report filed Tuesday by an affiliate of Oaktree Capital Management L.P. of Los Angeles, an investor in Las Vegas-based Cannery, said Cannery's net revenue in the first quarter grew from $132.8 million to $136.4 million.
Income from operations advanced from $8.5 million to $9.7 million.
But because of an increase in income tax expenses, a one-time charge related to the Rampart casino in Las Vegas and higher depreciation expenses at Rampart, the net loss grew from $945,000 to $1.8 million.
The Oaktree affiliate said the 2.7 percent revenue increase was driven by increased slot and pari-mutuel wagering revenue at Cannery's Meadows casino in Pennsylvania.
With Cannery's deal to manage the Rampart casino in Summerlin expiring on March 31, the company took a one-time charge against earnings of $1.6 million related to Rampart's landlord assuming certain assets there, the financial report said.
Cannery's depreciation expenses at the Rampart also increased as certain property and equipment became fully depreciated upon termination of the lease.
The Rampart at the JW Marriott Las Vegas Resort & Spa is now managed by Michael Gaughan Jr., with Affinity Gaming LLC of Las Vegas providing consulting services.
With Cannery also owning hotel-casinos in North Las Vegas and Las Vegas, net revenue for the company in Southern Nevada was relatively unchanged from 2011's first quarter, the report sad.