Circus Circus reports drop in net income

The gambling company said it earned $21.6 million for the quarter ending April 30, down from $37.5 million for the same quarter in 1997.

Gross revenues for the quarter increased to $356.9 million from $344.1 million for the quarter.

The company blamed soft conditions for its middle market rooms in Las Vegas, especially during the mid-week periods for most of the decline.

Operating income fell at the three major resorts owned by Circus Circus in Las Vegas compared to the same quarter a year ago, while it remained steady at the Monte Carlo, which Circus Circus has a 50 percent interest in with Mirage Resorts Inc.

In Reno, the company's operating cash flow dropped from $11.6 million to $10 million from its Circus Circus hotel-casino and the half interest it has in the Silver Legacy hotel-casino.

The company's Grand Victoria riverboat in Elgin, Ill., had operating cash flow of $19.3 million, down from $25.7 million a year ago. The drop was blamed on an increase in the state's maximum tax rate.

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