Riviera results up

Tuesday, April 20, 2004 | 10:40 a.m.

Riviera Holdings Corp. of Las Vegas, owner of casinos on the Las Vegas Strip and in Colorado, today reported improved financial results for the first quarter ended March 31.

Compared to the first quarter of 2003, net revenue of $50.5 was up 6.3 percent, income from operations was up 57 percent to $7.4 million and cash flow of $10.7 million was up $1.8 million.

Net income was $540,000 or 15 cents per share compared to a loss of $2.2 million or 62 cents in the first quarter of 2003.

The company said revenue at its Riviera Las Vegas hotel-casino was up $1.6 million, or 4.4 percent, as occupancy increased to 94.9 percent compared with 92.0 percent in the first quarter of 2003.

ADR (average daily room rate) increased $5.10 to $66.94.

"We continue to see better performance at our Las Vegas property. First quarter EBITDA (cash flow) was $7.6 million, up $562,000 or 8 percent over the prior year. The increase in EBITDA was fueled by increases in non-gaming revenues attributable to a higher mix of in house conventions and increased room rates in all other room categories," said Robert Vannucci, president of the Riviera Las Vegas.

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