Riviera hotel-casino cash flow improves

Riviera Holdings Corp. of Las Vegas today reported a second-quarter loss of $553,000 or 14 cents per share, an improvement from the loss in the same quarter of 1999 of $812,000 or 16 cents.

The owner of the Las Vegas Strip's Riviera hotel-casino and a hotel-casino in Colorado, Riviera Holdings said revenues of $54 million for the quarter were up 33 percent. Quarterly cash flow EBITDA hit a record $9.9 million, up 44 percent.

"Riviera Las Vegas had an excellent quarter, with EBITDA increasing by $2.8 million or 43 percent for the quarter and by $3.5 million or 25 percent for the first half. Total revenue increased by $4.5 million or 11 percent for the quarter and by $6.1 million or 7.6 percent for the first half," Chairman and Chief Executive Bill Westerman said in a statement. "Revenue increased in all departments driven by higher slot revenue and increased covers in entertainment and food and beverage. Most significantly, ADR (average daily room rate) was up $7.80 or 14 percent for the quarter ... while occupancy continues at an above-Strip average of approximately 98 percent."

Countering this was what Westerman called an "extremely disappointing performance" by the firm's new Riviera Black Hawk Casino in Colorado as win per machine per day plunged from $130 to $90. Riviera said it took steps to bolster the casino performance including advertising its loose slots and adding a buffet.

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