Loss widens for LV casino operator

Tuesday, Feb. 13, 2001 | 11:20 a.m.

Riviera Holdings Corp. of Las Vegas, owner of the Riviera hotel-casino on the Las Vegas Strip and a Colorado casino, today said it lost $2 million or 53 cents per share in the fourth quarter ending Dec. 31, up from a loss in the year-ago quarter of $51,000 or 1 cent.

Quarterly revenues were up 35 percent to $51.7 million. Cash flow EBITDA -- earnings before interest, income taxes, depreciation, amortization, pre-opening expenses, and other special items -- was up 23 percent to $8.1 million.

The company said the Riviera had a good quarter as its average daily room rate was up $2.47 or 4.1 percent. Cash flow, however, was flat at $6.3 million.

"We continue to reap the benefits of having one of the largest convention centers in Las Vegas. Convention room nights increased from 23 percent in the fourth quarter of 1999 to 27 percent in the fourth quarter of 2000," said Riviera Las Vegas President Bob Vannucci.

The company's Black Hawk casino in Colorado reported cash flow of $1.9 million, up 82 percent from the third quarter.

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