Cash flow up in 2001

Tuesday, March 5, 2002 | 10:34 a.m.

Herbst Gaming Inc. of Las Vegas today reported $35.2 million in cash flow for the year ended Dec. 31, an increase of 124 percent over its 2000 results.

Revenues increased 109 percent to $233.2 million. Herbst Gaming attributed the increases to its acquisition of the slot route operations of Jackpot Enterprises in November 2000, and the opening of Terrible's Hotel and Casino just east of the Strip in December 2000.

The privately held company reported a loss of $12 million for the year, which was caused by $13 million in charges related to the restructuring of the company's debt. Without these charges, Terrible's would have earned $1.1 million for the year, down 67 percent from 2000.

Cash flow from route operations rose 152 percent to $29.2 million on the year, and casino cash flow was up 122 percent to $12.9 million.

Herbst Gaming did not provide a breakout of its results for the quarter.

Herbst Gaming owns one of the state's largest slot routes, with more than 7,000 slot machines. It also owns and operates four casinos, including two in Pahrump and Terrible's Town Casino in Henderson.

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