Casino group reports loss for quarter, year

Thursday, Feb. 17, 2000 | 10:31 a.m.

Riviera Holdings Corp. of Las Vegas reported a loss of $51,000, or 1 cent per share, for the fourth quarter of 1999, as both revenues and cash flow declined from the previous year.

In the year-ago quarter, the company recorded net income of $8,000. Revenues fell 2 percent, to $38.3 million, while cash flow declined $100,000 to $6.6 million.

For the year, Riviera recorded a net loss of $2.9 million, or 58 cents per share, improved from a loss of $4.1 million, or 81 cents per share, in 1998. Revenues fell 1 percent, to $158.2 million, while cash flow fell 11.7 percent, to $25.7 million.

Riviera said its slot revenues increased slightly in 1999, but said lower play and hold percentages caused table game revenues to fall $2.9 million for the year.

Despite lower quarterly earnings, Riviera said its room occupancy rate was 93 percent during the fourth quarter, and rate averages increased slightly. Bill Westerman, chairman and chief executive, said the Riviera's expanded convention center has already resulted in the booking of 157,000 additional room nights over the next three years, at an average rate of $82 per night.

Westerman also said earnings should be helped by the company's new casino in Black Hawk, Colo., which opened Feb. 4.