Record cash flow by riverboat operator

Horseshoe Gaming L.L.C. of Las Vegas reported second quarter earnings before special charges.

Income before extraordinary items and non-recurring charges was $14.4 million for the three months ended June 30 and $31.0 million on a year-to-date basis vs. $9.1 million and $19.1 million for the comparable periods in 1998.

The company reported a net loss of $3.2 million for the three months ended June 30 and net income of $13.4 million for the six months ended June 30 vs. net income of $9.1 and $19.1 million for the comparable periods in 1998.

Net income for the three and six months ended June 30 was affected by an additional write-down in the second quarter of the company's old Bossier City, La., riverboat, "Queen of the Red," of $8 million and a second quarter extraordinary loss on early retirement of debt of $9.6 million.

Earnings before interest, taxes, depreciation and amortization, pre-opening expenses, and other non-cash items (EBITDA) were $32.6 and $68.4 million for the three and six months ended June 30, respectively, compared with $28.4 and $57.7 million in 1998.

Horseshoe operates the Horseshoe Casino Center in Tunica County, Miss., and the Horseshoe Bossier City in Bossier City, La.

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