Cash flow rises for casino operator

LAKE TAHOE -- Harveys Casino Resorts reported a second quarter profit of $1.5 million on revenue of $77.6 million, compared to a profit of $4.9 million and revenue of $76.5 million in the year-ago quarter.

Harveys said Tuesday it earned $2.7 million excluding a one-time business development write-off in the quarter ended May 31.

The gaming company said this year's second quarter includes $6.9 million of net interest expense compared to $4 million in last year's second quarter. The company reported a record second quarter EBITDA (operating income, excluding non-recurring items, plus depreciation and amortization) of $17.8 million compared to last year's $17.2 million.

Harveys Casino Resorts operates Harveys Resort hotel-casino at Lake Tahoe; Harveys Wagon Wheel hotel-casino in Central City, Colo.; and Harveys hotel-casino in Council Bluffs, Iowa.

In February it merged with a unit of Colony Capital Inc. of Los Angeles.

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