Loss up for LV casino operator

Tuesday, Oct. 24, 2000 | 10:48 a.m.

Riviera Holdings Corp. of Las Vegas, owner of the Riviera hotel-casino on the Strip and the Riviera Black Hawk Casino in Black Hawk, Colo., reported a loss for its third quarter ended Sept. 30 of $2.4 million or 61 cents per share vs. $2.2 million or 43 cents in the same quarter of 1999.

Quarterly revenues of $51.4 million were up 32 percent while cash flow -- earnings before interest, income taxes, depreciation, amortization, preopenng expenses and other special items -- of $7 million was up 40 percent.

The loss per share jumped mainly due to the repurchase of 1.3 million shares in the 12 months ended Sept. 30.

Executives said the Las Vegas casino had a strong quarter, with cash flow advancing 25 percent or $1.2 million, but the Colorado property continues to perform below expectations.

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