Tropicana Entertainment reports second-quarter loss
Tropicana Entertainment Inc. reported a loss for the second quarter as a sluggish economy continues to impact business in Atlantic City and Nevada.
The Las Vegas-based gaming company, controlled by investor Carl Icahn, said it lost $2.7 million in the second quarter compared to a loss of $1.6 million for the year-ago quarter.
Net revenue of $145 million was down from $164 million in the second quarter of 2010. For the first six months of 2011, Tropicana Entertainment has lost more than $4.1 million.
Tropicana Entertainment operates two hotel-casinos in Laughlin -- River Palms and Tropicana Laughlin -- and the MontBleu Casino Resort & Spa in South Lake Tahoe. Net revenues were $29.3 million down, from $31.3 million.
The second-quarter decrease in Nevada revenues was driven by a 16.6 percent decline in slot volumes and a 13.7 percent decline in table volume.
"Based on the most recent market data available, the Laughlin market ... experienced a 7.3 percent decline in casino revenue in the second quarter," the company said in a regulatory filing.
The River Palms continued to be negatively impacted in the second quarter by road construction in Laughlin. In response, the company "reduced gaming capacity" at River Palms to minimize expenses.
The Las Vegas Tropicana is owed by other investors.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
