Casino operator reports loss for second quarter

Tuesday, July 30, 2002 | 11:14 a.m.

Riviera Holdings Corp., owner of casinos on the Las Vegas Strip and in Colorado, today reported a loss for its second quarter of $1.1 million or 32 cents per share vs. a loss in the year-ago quarter of $70,000 or 2 cents. Revenue of $49.9 million was down 9.1 percent.

Quarterly net revenues were $37.2 million for Riviera Las Vegas, down $5.6 million or 13.1 percent from the year-ago quarter, as the property continued to suffer from the 2001 travel slowdown caused by the recession and terrorism.

The property's average daily rate decreased $5.32 to $56.70 and occupancy decreased 2.7 points to 95.8 percent.

Slot machine volume decreased 4.8 percent for the quarter while slot win decreased 7.7 percent.

"We continue to be aggressive with our marketing expenditures to increase demand and we expect to grow our customer incentive programs throughout the rest of the year and into 2003," Riviera Las Vegas President Bob Vannucci said. "While our Las Vegas operations continue to be pressured by the economy and competitor actions, they have improved each quarter since September 11, 2001."

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