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Strong quarter reported

Wednesday, Oct. 24, 2001 | 9:43 a.m.

Riverboat casino operator Argosy Gaming Co. of Alton, Ill., today reported a 31 percent increase in net income for the quarter ending Sept. 30.

The company reported net income of $17.2 million, or 58 cents per diluted share, compared to $13.1 million, or 45 cents per diluted share, in the year-ago quarter. Net income was reduced by a $1.9 million non-recurring charge; without including this charge, Argosy earned $13.1 million, or 62 cents per diluted share.

Revenues increased 27 percent to $214.7 million, while cash flow rose 29 percent to $64.2 million.

Much of the gains came from the addition of the Empress Casino Joliet, acquired from Horseshoe Gaming Holding Corp. on July 31 for $465 million. The casino added $43.6 million in revenues and $12.7 million in cash flow for the quarter. But three of Argosy's five pre-buyout riverboats still posted cash flow increases during the quarter.

The company said it believes the post-Sept. 11 tourism slowdown won't affect it as severely as casino companies that rely on "fly-in destination casino markets." However, Argosy warned "further weakening in general economic conditions" could take a toll on the company's operations in the future.

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