Riverboat operator posts record earnings

Tuesday, Feb. 1, 2000 | 11:58 a.m.

THE ASSOCIATED PRESS

ALTON, Ill. -- Argosy Gaming Co. today announced record fourth-quarter earnings, driven by strengthening cash flow at its properties in Kansas, Illinois and Louisiana.

The company reported net earnings of $25 million, or 86 cents per share, for the quarter ending Dec. 31. That's up substantially from earnings of $4 million, or 14 cents per share, in the year-ago period. Without a one-time tax benefit taking during the quarter, Argosy earned $15 million, or 52 cents per share.

Net revenues rose 17 percent, to $156 million, while cash flow increased 20 percent to $48 million.

Argosy said the number of patrons and win per patron increased at each of its five properties. The company's financials were assisted by the introduction of "dockside" gaming in Illinois, the elimination of video poker at non-casino sites in Baton Rouge, La., and the introduction of "open boarding" in Kansas City.

For the year, Argosy recorded net income of $11.5 million, or 40 cents per share, up from $5.7 million, or 23 cents per share. Before one-time charges related to the company's refinancing and layoffs in 1999, Argosy earned $41.7 million, or $1.44 per share.

Argosy owns and operates riverboat casinos near St. Louis, Kansas City, Baton Rouge, La.; Sioux City, Iowa; and Cincinnati.