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November 27, 2009

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Poor quarter reported

Tuesday, March 27, 2001 | 10:40 a.m.

Harveys Casino Resorts of Lake Tahoe reported a net loss of $2.5 million for the quarter ending Feb. 28, down from net income of $605,000 in the year-ago quarter.

The company's cash flow fell 34 percent to $17 million, while net revenues declined 3 percent to $105.5 million.

Harveys' results were hurt by $3.7 million in expenses related to the resignation of its chief executive Jan. 31, as well as $870,000 in costs related to the company's now-terminated merger with Pinnacle Entertainment. Harveys also said it was hurt by poor weather in the Midwest "and a general softening in the economy."

All four Harveys properties saw cash flow decline during the quarter. Its Central City, Colo., casino was worst hit, as cash flow fell 78 percent to $634,000. Harveys Lake Tahoe fell 6 percent to $7 million, while cash flow at its two properties in Council Bluffs, Iowa, fell 15 percent to a combined $15.1 million.

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