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November 30, 2009

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Competition, energy costs hurt Vegas Riviera profits

Tuesday, July 24, 2001 | 10:53 a.m.

Riviera Holdings Corp., owner of casinos on the Las Vegas Strip and in Colorado, reported a second quarter loss of $70,000 or 2 cents per share, an improvement from the $553,000 or 14 cents lost in the year-ago quarter.

Cash flow of $10.6 million was up 6.5 percent and included $2.8 million from Riviera Black Hawk in Colorado. That property's cash flow was up 11 percent from the first quarter of this year.

At the Riviera on the Las Vegas Strip, hotel occupancy was strong at 98.5 percent and high room rates helped boost room revenue by $150,000 or 1.3 percent.

But cash flow in Las Vegas was hurt by higher energy costs, competition from new entertainment offerings on the Strip and the general softness of the economy, which caused Riviera guests to spend less money at the resort.

Revenue in Las Vegas was down $1.7 million or 17.8 percent, the company said.

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