Tuesday, Aug. 11, 2009 | 10:17 a.m.
Sun Coverage
The Las Vegas Strip's Riviera hotel-casino was hit hard by the recession in the second quarter, with casino and room revenue declining, parent company Riviera Holdings Corp. reported Monday.
Riviera Holdings, which also owns a casino in Black Hawk, Colo., is in default on credit obligations and again warned Monday it may need to file for bankruptcy protection if it can't refinance or restructure its debt and other obligations totaling $276 million.
In a quarterly regulatory filing, Riviera Holdings said that for the quarter ended June 30, it lost $13.519 million or $1.08 per share vs. a profit in the year-ago quarter of $10.073 million or 80 cents.
Net revenue fell from $45.6 million to $34.6 million.
The 2,075-room Las Vegas property was especially hard hit, seeing revenue fall from $34.525 million to $24.904 million comparing quarters year to year.
Earnings before interest, taxes, depreciation and amortization in Las Vegas fell from $6.249 million to $3.551 million.
Las Vegas casino revenue fell 16.6 percent to $12.3 million while room revenue tumbled 36 percent to $8.7 million.
``The decrease in room revenues was primarily due to a shift in the occupied room mix from higher-rated convention segment occupancy to lower-rated leisure segment occupancy,'' Riviera said in its filing.
Riviera said Las Vegas hotel occupancy fell from 84.6 percent to 76.5 percent while the average daily room rate fell from $90.53 to $58.02.
Join the Discussion:
Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.
Full comments policy