Strong Las Vegas quarter helps Tropicana owner

Thursday, Oct. 23, 2003 | 11:12 a.m.

Profit rose 2 percent to $16.9 million at Aztar Corp. in the third quarter compared to a year ago, the company reported Wednesday. The company, which owns the Tropicana resort in Las Vegas, also reported earnings per share of 46 cents in the third quarter compared to 43 cents the prior year -- beating analysts' expectations of 38 cents per share.

Cash flow fell 2.4 percent to $48.6 million during the third quarter compared to last year.

Revenue at the Tropicana in Las Vegas rose 5.9 percent to $39.5 million.

Cash flow in Las Vegas rose 27.3 percent to $7 million. The property's occupancy rate rose to 97.8 percent from 94.4 percent and its average daily rate increased by 9.4 percent to $70.24.

In Laughlin, the company's Ramada Express hotel-casino reported a 1.9 percent decline in revenue to $20.8 million. Cash flow fell 15.4 percent to $3.3 million. Occupancy rose to 74.5 percent from 68.9 percent. But rates fell 9.2 percent to $29.39.

The company's Tropicana Atlantic City reported an 8.7 percent decline in revenue to $111.9 million. Cash flow fell 7.6 percent to $31.5 million. Occupancy fell to 96.5 percent from 97 percent but rates increased 5.2 percent to $94.98.

Aztar also operates the Casino Aztar Evansville in Indiana and Casino Aztar Caruthersville in Missouri.

The company recently announced tenants for "The Quarter" at Tropicana in Atlantic City, which has been expanded to offer more than 60 dining, entertainment and retail outlets under one roof. The company expects to open the addition, which will include a 502-room hotel expansion, in March.