Las Vegas Sun

November 28, 2009

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Profit declines for LV gaming company

Tuesday, Nov. 16, 1999 | 11:49 a.m.

American Vantage Cos. of Las Vegas reported net income of $2.03 million for the fiscal year ending July 31, a decline of 34 percent from the last fiscal year.

The company earned 13 cents per diluted share, a 31.6 percent drop from the last fiscal year. Revenues fell 22.3 percent, to $6.67 million.

The company blamed decreased earnings on the premature termination of the company's consulting agreement to manage the Table Mountain Casino in California. American Vantage is challenging the termination in a lawsuit filed in federal court in California.

Earnings were also hurt by start-up costs associated with the WCW Nitro Grill and Border Grill in Las Vegas, both which opened in hotel-casinos in the quarter ending July 31.

"Our main focus in fiscal 2000 is to explore new business ventures to broaden our revenue base and increase shareholder value," said Ronald Tassinari, president and chief executive.

American Vantage's primary business is casino management and consulting.

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