Riviera posts third-quarter losses
The parent company of the Riviera on the Strip increased its loss in the third quarter due to continuing double-digit decreases in revenues, a morning filing with the Securities and Exchange Commission shows.
The company, which also owns a casino in Black Hawk, Colo., continues to talk with its creditors about its future which still could include bankruptcy.
Riviera Holdings Corp., posted a net loss of $4.7 million, or a loss of 38 cents per share, for the quarter ended Sept. 30. The loss is an increase from the $3.5 million loss, or a loss of 28 cents per share, posted the same time last year.
The company saw its loss increase to $19.2 million for the first nine months of the year, and increase from the $826,000 profit posted through September 2008.
Revenues dropped 13.9 percent to $34.6 million in the quarter, and fell 22.3 percent to $103.9 million the first nine months.
Quarterly revenues at the 2,075-room Riviera dropped 25.1 percent to $22.6 million from $30.2 million. The property’s revenues for the first nine months dropped 28.9 percent to $72 million from $133.8 million.
Trading on Riviera Holdings shares was flat this morning at 60 cents per share on the Pink Sheets.
Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.
