Horseshoe Gaming earnings jump

Friday, Oct. 22, 1999 | 11:51 a.m.

Privately owned Horseshoe Gaming Corp. of Las Vegas said third-quarter net income soared to $9.9 million from $912,000 in the year-ago period, as revenue climbed to $123.6 million from $120.2 million.

The company, which isn't affiliated with Binion's Horseshoe in Las Vegas, said nine-months net rose to $23.3 million from $20 million, while revenue increased to $363.7 million from $345.6.

Net income for the latest nine months included the effect of an $8 million write-down related to the the sale of a riverboat and $9.7 million one-time loss due to early debt retirement.

In the year-ago third quarter and nine months, net included a $12.9 million write-off from the riverboat sale.

Higher slot and table-game play at the Horseshoe Casino Center in Tunica County, Miss., helped boost revenue to $59 million in the latest quarter from $56 million in the year-ago period. Operating profit before corporate expenses rose to $14.9 million from $12.5 million, the company said.

While slot and table-game play increased at the Horseshoe in Bossier City, La., lower win percentages held the net revenue increase to just $300,000 over the $64.3 million in the 1998 third quarter. Operating profit fell to $10.4 million in the third quarter from $14 million in the year-ago period.