Aztar, Alliance Gaming earnings up
Tuesday, Oct. 17, 2000 | 11:11 a.m.
Alliance Gaming Corp. and Aztar Corp. kicked off the gaming industry's earnings season today, with both companies reporting big increases in earnings for the quarter ending Sept. 30.
Las Vegas-based Alliance Gaming posted earnings of $3.4 million, or 32 cents per share, a record for the company. The results represented a substantial increase over earnings of $445,000, or 4 cents per share, posted in the year-ago period.
Alliance's revenues increased more modestly, rising 2 percent to $120 million. Cash flow rose 33 percent to $14.7 million. The company attributed its improved results to continuing efforts to reduce overhead costs.
Cash flow rose at all of Alliance's business units, including long-struggling Bally Wulff, the company's German subsidiary. Bally Wulff posted cash flow of $1.9 million, up from negative cash flow of $600,000 a year ago. Bally Gaming & Systems, Alliance's slot manufacturing unit, reported cash flow of $7.7 million, up 13 percent, despite a 15 percent decline in revenues. The company attributed Bally's performance to strength in proprietary gaming operations, despite sales of just 2,100 units in the quarter.
Alliance's slot route operations reported cash flow of $5.9 million, up 9 percent, while revenues rose 15 percent to $52.9 million. Alliance's Nevada route operations, operating as United Coin Co., are scheduled to be sold to reduce debt.
Alliance's casino operations, which consist of casinos in Sparks, Nev. and Vicksburg, Miss., reported revenues of $18.6 million, up 11 percent. Cash flow increased 4 percent to $6.7 million.
Alliance stock was trading at $5.50 in midday trading today, down 6 cents.
Also posting a big increase in earnings was Phoenix-based Aztar, operator of the Tropicana hotel-casino on the Strip. Aztar reported earnings of 34 cents per share, a 100 percent increase over its performance in the year-ago quarter. The report beat analysts' consensus expectation of 31 cents per share.
Aztar reported revenues of $222.2 million, up 6 percent from the year-ago quarter, while cash flow rose 15 percent to $51.8 million. The company reduced its debt to $445 million in the quarter, down $9 million in the last three months, and repurchased 1.3 million shares of stock at an average price of $15.04 per share.
At the Tropicana on the Strip, revenues rose 6 percent to $38.3 million, while cash flow hit $7 million, up from $2.9 million in the year-ago quarter. Although occupancy fell slightly to 97.8 percent, the Tropicana's average daily room rate rose 12 percent to $65.85. The property recorded operating income of $2.1 million, compared to an operating loss of $2 million in the year-ago period.
Aztar's strongest gain came at the Tropicana Atlantic City, where revenues rose 8 percent to $126.6 million. Cash flow also rose 8 percent, to $34.3 million.
Aztar's property in Evansville, Ind., also posted improved results, as revenues rose 6 percent to $28.8 million, while cash flow rose 2 percent to $9 million. At Aztar's property in Caruthersville, Mo., revenue fell 8 percent to $6.1 million, while cash flow rose 4 percent to $725,000.
At Aztar's second Nevada property, Ramada Express Laughlin, revenues rose 3 percent to $22.4 million, while cash flow rose 3 percent to $3.8 million.
By midday, Aztar's shares had risen 88 cents to $14, a 6.7 percent surge.
archive
- Most Read
- Discussed
- Most E-mailed
- Live Blog: Pacquiao wins by TKO in round twelve
- Floyd Mayweather Jr. and Manny Pacquiao: The only fight fans want to see
- Police seek man who stole $2,000 worth of clothing
- Bruised and battered, Cotto says he will fight again
- Boulder City struggles with shocking allegations
- Ensign Federal Credit Union fails
- Live game blog: Rebels open season with 91-52 victory against Pittsburg State
- Construction goes bust, equipment goes on auction block
- Temperatures plunge in Las Vegas
- At halfway point, NFL is all about the quick change
Blogs
The Greene Room
MWC Winners and Losers: Week 11
Elsewhere
Dana White continues to push for event in Abu Dhabi
Politics: Ralston's Flash
Harry Reid is powerful for Northern Nevada, too!
The Kats Report
New face of Monte Carlo includes all the faces of Caliendo
The Greene Room
Predicting this weekend's Mountain West football slate (2 Comments)
Top Chef: Las Vegas
Top Chef Episode 11: Child's play
Miech Again
UNLV prez Smatresk is ready for some basketball (14 Comments)
Calendar »
- 16 Mon
- 17 Tue
- 18 Wed
- 19 Thu
- 20 Fri
-
Actor's Expo at Rave Motion Pictures
Rave Motion Pictures Town Square 18 | 3 p.m. to 5 p.m.
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Neil Sedaka at the Orleans
Orleans Hotel-Casino
-
Supernatural Santana – A Trip Through the Hits at The Joint
The Joint
The Sun
Locally owned and independent for more than 50 years.
Technorati





