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Strip restaurant operator posts earnings increase

Thursday, July 19, 2001 | 11:04 a.m.

Ark Restaurants Corp. of New York, owner and operator of eight restaurants on the Las Vegas Strip, reported net income of just under $2 million for the quarter ending June 30, a 10 percent increase over the year-ago quarter.

The company earned 62 cents per share, up from 56 cents per share a year ago. Cash flow increased 11 percent to $5.2 million, while net sales rose 9 percent to $36.8 million.

Ark President Michael Weinstein said Ark's operations at the New York-New York have been very strong, while its operations at the Venetian are profitable and showing improvement. The company's restaurants in the Desert Passage mall at the Aladdin are showing improvement, though they will not be profitable this year, Weinstein said.

Ark operates three restaurants, nine food court outlets and room and banquet services at the New York-New York; three restaurants and four food court outlets at the Venetian; one restaurant and six food court outlets at Desert Passage; and one restaurant at the Forum Shops at Caesars Palace.

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