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May 22, 2019

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Herbst Gaming reports smaller loss

Herbst Gaming said it narrowed its losses in 2009, according to a filing today with the Securities and Exchange Commission. The Nevada-based casino and slot route operator reported a loss of $60 million in 2009, compared to a loss of $209 million in 2008.

Revenue totaled $200.6 million in 2009 compared to $243.6 million in 2008, the company reported in the filing.

For slot operations, the company reported a profit of $2.6 million in 2009 compared to $10 million in 2008. Total revenue from slot operations fell 18 percent during the year-over-year period.

The company operates 6,200 slot machines, 500 less than it was operating as of Dec. 31, 2008, the filing indicated. The decrease in machines reflects the closure of some taverns, grocery and drug store chain clients and the elimination of certain underperforming route locations, the company said.

Total revenue derived from casino operations was $451.4 million in 2009, a 5 percent decrease from $474.2 million in 2008.

At Herbst’s Nevada casinos, the company reported a loss of $19.7 million in 2009 compared to a loss of $86 million in 2008. Revenue totaled $312 million in 2009 compared to $337 million in 2008.

Herbst Gaming operates 16 casinos in Nevada, Iowa and Missouri.

The company filed for Chapter 11 bankruptcy protection in March 2009.

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