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Company posts improved quarterly results

Tuesday, April 4, 2000 | 11:25 a.m.

LAKE TAHOE-- Harveys Casino Resorts reported net income of $605,000 for the quarter ending Feb. 29, a substantial improvement over the net loss of $12.75 million posted in the year-ago quarter.

Before one-time charges, the Lake Tahoe company earned $3.75 million, up from net income of $1.93 million in the year-ago period. The company's net revenues rose 44 percent, to $109.3 million, while cash flow increased 74 percent to $25.7 million, a record for the company.

Cash flow and revenues were boosted almost entirely by the addition of Bluffs Run Casino in Council Bluffs, Iowa. This management contract, which began in late 1999, produced an additional $30.3 million in revenues and $8.3 million in cash flow for Harveys during the first quarter. The casino was Harveys' second in Council Bluffs.

Harveys also owns and operates hotel-casinos in Lake Tahoe and Central City, Colo.

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