Brief: Loss narrows for LV casino operator

Wednesday, Feb. 17, 1999 | 11:25 a.m.

Overall, quarterly revenues increased from $27.4 million last year to $30.2 million this year. Earnings from operations before interest, taxes, depreciation, rents and corporate charges (EBITDA) -- also known as cash flow -- increased from $6.5 million last year to $8 million.

Santa Fe's loss declined from $4.8 million, or 78 cents per share, in last year's quarter to $3.9 million, or 62 cents per share.

Santa Fe attributed the increases to improved performance at the Santa Fe, in Northwest Las Vegas, and the Pioneer, in Laughlin. At the Santa Fe, revenue increased from $17.1 million in last year's quarter to $19.4 million, while EBITDA increased from $5 million to $6 million.

At the Pioneer, located in the tough Laughlin market, revenues increased from $9.9 million a year ago to $10.6 million, while EBITDA grew from $1.7 million to $2.1 million.

Santa Fe is engaged in a battle with creditors who are trying to force the company into bankruptcy over a missed December debt payment. The company has also been advised it no longer meets minimum criteria for listing on the American Stock Exchange.

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