LV company expands Mississippi resort

Monday, May 3, 1999 | 10:36 a.m.

COAHOMA, Miss. -- Lady Luck Gaming Corp. of Las Vegas today announced the opening of its new Country Hotel as part of a $22 million construction and renovation project at the Lady Luck Rhythm & Blues and Country Casino complex.

The 314-room hotel has 40 suites, a swimming pool and fitness center. Its opening was accompanied by the addition of new food and beverage outlets, including the Doe's Eat Place restaurant, a regional brand; and remodeling of the existing Rhythm & Blues Hotel.

Construction of a $4.5 million, 8-megawatt power plant is under way, with completion expected by early in the third quarter.

The expansion and improvements bring the investment in the operation to about $100 million since the facility opened in 1994.

The Rhythm & Blues and Country Casino complex in Coahoma includes 50,000 square feet of gaming facilities, a 1,000-seat entertainment and special-events center and twin movie theaters. It's at the U.S. Route 49 Mississippi River bridge, across the river from Helena, Ark.

Separately, Lady Luck said it earned $3.1 million or 63 cents per share on revenues of $36.7 million in the quarter ended March 31, compared to $2 million or 42 cents per share on net revenues of $41.2 million in the year-ago quarter.

Cash flow (EBITDA) of $10.8 million in the most recent quarter was up from $10.3 million in the 1998 quarter.

Lady Luck has three casino properties in Mississippi and Iowa; and is developing projects in Mississippi and Missouri.