Business Services Industry
Las Vegas Casino's Parent Company Reports Declining Income, Revenue.
Knight Ridder/Tribune Business News, July, 2002
By Jeff Simpson, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jul. 31--The parent company of the Riviera on Tuesday posted second-quarter declines in income, revenue and operating cash flow.
Riviera Holdings Corp. executives blamed the economy and market pressures for reduced hotel rates and gambling action at their flagship Strip property.
Riviera Holdings, which also operates a casino in Black Hawk, Colo., reported a net loss of $1.1 million, or 32 cents per share, for the period ended June 30. That compared with a net loss of $70,000, or 2 cents per share, in the second quarter of 2001.
Revenue dropped 9.1 percent to $49.9 million from $54.8 million, while operating cash flow declined 3.8 percent to $10.2...
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