Las Vegas Sun

March 28, 2024

Grand Casinos Inc. earnings

COMMENTS: Grand posted record quarterly revenue, as its two Mississippi casinos achieved more than 40 percent of their market share, according to Pat Cruzen, president. Its Gulf Coast casinos accounted for $85.1 million, or 81.9 percent, of revenue, while management fees contributed $18.7 million. Per-share earnings were lower due to a 28.1 percent increase in shares outstanding, to 42.9 million from 33.5 million in the 1995 period. Earnings before interest, taxes and depreciation rose 15.3 percent to $33.9 million from $29.4 million in the year-earlier quarter. Grand opens its 43 percent-owned Stratosphere Corp. project in Las Vegas April 30 and its Grand Tunica resort near Memphis, Tenn. this summer. Grand owns and operates the two largest gaming resorts in Mississippi and manages two casinos in Louisiana and two in Minnesota. (NYSE: GND)

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