Brief: Record profit posted by gaming firm
Thursday, Jan. 7, 1999 | 10:44 a.m.
Revenue rose to $76.6 million from $69.6 million, the Lake Tahoe-based company said.
For fiscal 1998, net income rose to a record $20 million, or $1.95 a share, from $15.1 million, or $1.53 a share, in fiscal 1997. Revenue increased to $309.5 million from $283.6 million.
The results exclude various one-time charges and gains, including $17.4 million realized net of taxes from the sale of Harveys stake in the Hard Rock Hotel & Casino in Las Vegas.
Chuck Scharer, chairman, said the results represents Harveys seventh straight record quarter.
Harveys operates casinos in Lake Tahoe, Central City, Colo., and Council Bluffs, Iowa, and plans to merger with Colony Capital, a real estate investment company headquartered in Los Angeles.
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