Cash flow down in quarter

Friday, April 26, 2002 | 11:08 a.m.

Horseshoe Gaming Holding Corp. posted a 10 percent decline in cash flow for the quarter ending March 31, the direct result of Horseshoe's sale of an Illinois riverboat casino last July.

Horseshoe reported cash flow of $61.8 million, down from $68.3 million in the year-ago quarter. Revenues fell 20 percent to $211.8 million, but net income increased 3 percent to $26.1 million.

All three of Horseshoe's riverboat casinos reported increases in cash flow for the quarter. Bossier City, La., reported $17.1 million in cash flow, up 22 percent; Tunica, Miss., was up 15 percent to $28.8 million; and Hammond, Ind., reported $20.4 million in cash flow, up 38 percent. However, the year-ago quarter included the operations of the Empress Casino in Joliet, Ill., sold in July 2001 for $465 million. If the Empress is factored out, Horseshoe's revenues rose 8 percent, and its cash flow increased 23 percent.

Horseshoe, based in Tinley Park, Ill., is controlled by Jack Binion. It is the largest privately held gaming company in the country.

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