Aztar Corp. earnings

Wednesday, Feb. 5, 1997 | 11:59 a.m.

COMMENTS: For 1996, Aztar reported revenues of $777.5 million, an increase of 36 percent from $572.9 million in 1995. Net income for 1996 was $20.6 million (46 cents per share) compared with a net loss of $5 million (14 cents per share) in 1995. Because Aztar's fiscal year ends on the Thursday nearest Dec. 31, the 1996 fiscal year covered 53 weeks while the 1995 year covered 52 weeks; the 1996 fourth quarter covered 14 weeks vs. 13 weeks in 1995. "Each of our land-based casinos generated increases in operating cash flow over the previous year's quarter," said Aztar Chairman and President Paul Rubeli. "The Tropicanas in Las Vegas and Atlantic City both registered significant increases in operating cash flow, with their combined operating cash flow up 100 percent." The fiscal year ended before the opening of the New York-New York hotel-casino on the opposite corner of Las Vegas Boulevard and Tropicana Avenue. Aztar operates the Tropicana hotel-casinos in in Atlantic City, N.J., and Las Vegas, Ramada Express hotel-casino in Laughlin, Casino Aztar in Caruthersville, Mo., and Casino Aztar in Evansville, Ind. (NYSE: AZR)