Fortunes improving at Las Vegas Tropicana
Wednesday, July 19, 2000 | 11:04 a.m.
SUN STAFF AND WIRE REPORTS
Aztar Corp. of Phoenix, owner of the Tropicana hotel-casinos in Las Vegas and Atlantic City, today reported second-quarter operating cash flow of $52 million, up 23 percent from the year-ago quarter.
And Harrah's Entertainment Inc. of Las Vegas, the third-largest U.S. casino company, today said second-quarter profit fell 1.5 percent even while revenue rose 17 percent as it lost to gamblers at its Rio hotel-casino in Las Vegas.
At Aztar, earnings per share were 34 cents before a non-recurring tax benefit. Earnings were 4 cents in the 1999 quarter after a 9-cent charge or debt redemption. With the one-time gain of $7.5 million, per-share earnings were 51 cents in the 2000 quarter.
Revenues of $221 million increased 7 percent.
"We are pleased to report the highest quarterly levels of revenues, income and operating cash flow in our company's history," said Paul Rubeli, Aztar chairman and chief executive. "Our significant free cash flow enabled us to continue to aggressively repurchase our stock and to further strengthen our balance sheet. Our company has never been stronger and our outlook has never been better. We will continue to repurchase our stock."
The Tropicana Casino and Resort in Atlantic City reported record second-quarter operating cash flow of $30.7 million, up 19 percent.
The Tropicana Resort and Casino in Las Vegas reported operating cash flow of $8.7 million, up more than 80 percent as room occupancy was 99 percent and cash room revenue increased 18 percent. At Harrah's, profit from operations fell to $47.2 million, or 40 cents a share, from $47.9 million, or 37 cents, in the year-ago quarter. The profit was less than the 44-cent average estimate of analysts polled by First Call/Thomson Financial. Revenue rose to $879.2 million from $751.1 million.
The company is having trouble getting high rollers to stay at the Rio amid competition from newer gambling resorts, analysts and investors have said. Las Vegas-based Harrah's said it won 8.4 percent of the money bet at table games in the Rio, compared to an average hold percentage of 20.5 the past three years.
Harrah's also had higher interest expense and amortization after its acquisition of Players International Inc. in March and borrowing to buy back 9.4 million of its shares this year.
In the quarter, charges of $716,000, or 1 cent, led to net income of $46.5 million, or 39 cents. In the year-earlier quarter, charges of $7.38 million, or 6 cents a share, resulted in net income of $40.5 million, or 31 cents.
archive
- Most Read
- Discussed
- Most E-mailed
- CityCenter unveils Crystals high-end retail district
- No. 24 UNLV gutsy in 74-72 victory at Arizona
- Vdara exec predicts strong sales
- Sarah Palin wasn’t a disaster, but Obama is
- Freeze warning issued for LV
- Guilty plea a victory for ATF agents
- Cheney’s time to be heard is over
- Fontainebleau lenders sue construction companies over liens
- Noteworthy: More from the Trop, Cher changes, Newton on ‘CBS Sunday Morning’
- Perseverance pays off for Firefly owner
Blogs
Politics: Ralston's Flash
Superintendents want state to immediately seek Race to Top funds
Top Chef: Las Vegas
The great Jennifer debate (1 Comment)
The Kats Report
From Eva Longoria Parker to a cluster of execs, crowd takes a shine to Crystals (2 Comments)
Elsewhere
Harry Reid's recipe for getting health-care deal done (8 Comments)
UNLV in at No. 11 in SI's college hoops power rankings (3 Comments)
Top Chef: Las Vegas
Top Chef Episode 13: A few good chefs
Gray Matter
Fight weekend in Las Vegas and Thanksgiving (3 Comments)
Calendar »
- 5 Sat
- 6 Sun
- 7 Mon
- 8 Tue
- 9 Wed
-
The Ultimate Fighter 10 Finale at the Pearl
The Pearl at the Palms | 4 p.m. to 10 p.m.
-
Willie Nelson at Planet Hollywood Theatre for the Performing Arts
Planet Hollywood Resort and Casino | 9 p.m. to 11:59 p.m.
-
Cash'd Out at Aliante Station
Aliante Station Casino and Hotel | 9 p.m. to 11:59 p.m.
-
Brooks & Dunn at the Hilton
Las Vegas Hilton
-
Ron White performs at the Mirage
Terry Fator Theatre
The Sun
Locally owned and independent for more than 50 years.
Technorati











