Gambling company reports higher earnings

Monday, Oct. 19, 1998 | 2:17 a.m.

The company reported net income of $25.3 million, or 27 cents per share, compared with $24.5 million, or 26 cents a share last year.

The company reported revenues of $384.7 million through July, compared with $343.3 million a year ago.

Luxor, the company's pyramid-shaped resort on the south end of the Strip, reported operating cash flow of $24.3 million, up from $20.3 million the prior year.

Circus Circus-Las Vegas' operating cash flow for the quarter increased to $15.6 million from $14.2 million a year ago. Excalibur reported cash flow remained steady at approximately $18.7 million.

Monte Carlo, which is owned 50 percent by Circus Circus, generated $18.6 million in operating cash flow, compared to $21.7 million the previous year. The company blamed the decrease on a low hold percentage on table games during the quarter, as well as increased promotional expenses.

In Reno, combined results of Circus Circus-Reno and the company's 50 percent interest in Silver Legacy were $14.8 million against $14 million last year.

In Laughlin, Colorado Belle and the Edgewater together produced $7.4 million in operating cash flow versus $5.9 million for the same quarter in 1997. The increase reversed an eight-quarter downward trend at the Laughlin properties.

In Tunica County, the newly remodeled Gold Strike posted $7.9 million in operating cash flow versus $2.1 million last year.

Operating cash flow was down at the Grand Victoria in Elgin, Ill., from $24.1 million a year ago to $19.4 million for the most recent quarter. Grand Victoria is 50 percent owned by Circus Circus.