Revenue, profit increase for Horseshoe Gaming

Wednesday, Aug. 2, 2000 | 11:06 a.m.

THE ASSOCIATED PRESS

JOLIET, Ill. -- Embattled casino operator Jack Binion's Horseshoe Gaming Holding Corp. today reported a second quarter profit of $20.8 million vs. a loss in the year-ago quarter of $3.2 million.

Revenues soared 112 percent to $254 million as contributions from the newly acquired Empress Hammond and Empress Joliet casinos were included in the quarterly numbers. Horseshoe operates in Illinois, Indiana, Louisiana and Mississipi.

Cash flow -- earnings before interest, taxes, depreciation, amortization and other non-cash items (EBITDA) -- was $66.4 million for the three months ended June 30 vs. $32.6 million for the 1999 quarter.

Illinois gaming regulators last month found Binion unsuitable to hold a casino license and Binion is appealing that finding. He owns a small stake in the downtown Las Vegas Horseshoe Club.

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