 |
Riviera Reports Second Quarter 2003 Results |
|
LAS VEGAS, July 22 Riviera Holdings Corporation (AMEX:RIV) today reported financial results for the second quarter of 2003. Net revenues for the quarter were $48.3 million, down $1.3 million or 2.7 percent from net revenues of $49.7 million in the second quarter of 2002. Income from operations for the quarter was $4.4 million, down $1.3 million from the second quarter of 2002. |
Click here for financial tables
EBITDA (Earnings Before Interest, income Taxes, Depreciation and Amortization) for the quarter was $8.6 million, down $1.6 million or 15.6 percent from EBITDA of $10.2 million in the second quarter of 2002. The net loss was ($2.4 million) or ($0.70) per share compared with a net loss of ($1.1 million) or ($0.32) per share in the second quarter of 2002.
For the first six months of 2003, net revenues were $95.8 million compared with $96.2 million in the first half of 2002. Income from operations for the first half of 2003 was $9.2 million, down $241,000 or 2.6 percent from the first half of 2002. EBITDA for the first half of 2002 was $17.5 million, down $823,000 or 4.5 percent from EBITDA of $18.3 million in the first half of 2002. The net loss was ($4.6 million) or ($1.32) per share for the first half of 2003 compared with a net loss of ($3.9 million) or ($1.14) per share in the first half of 2002.
Second Quarter 2003 Highlights
-- Riviera Black Hawk contributed $3.5 million in EBITDA, a decrease of
$239,000 or 6.4 percent from the second quarter of 2002
-- Riviera Las Vegas EBITDA decreased $1.1 million or 14.7 percent to
$6.4 million due to lower casino revenues
-- Riviera Las Vegas occupancy was 93.4 percent compared with
95.8 percent in 2002; ADR (Average Daily Rate) increased $3.74 to
$60.44. RevPar (revenue per available room) was up $2.11
-- Riviera granted an extension of time to September 24, 2004 to regain
compliance with AMEX listing standards
Riviera Las Vegas
Bob Vannucci, President of Riviera Las Vegas, said, "Second quarter net revenues were down $1 million or 2.7 percent for Riviera Las Vegas, due to a 9.3 percent decrease in casino revenues which were partially offset by increases in room, food, beverage and entertainment revenues. Slot machine coin-in or volume, decreased 7.6 percent for the quarter. Convention rooms increased from 28.7 percent to 34.5 percent of total occupancy, while gaming occupancy decreased from 17.6 percent to 14.3 percent. The overall average daily room rate increased $3.74 to $60.44 and occupancy decreased 2.4 points to 93.4 percent. Our margins were 17.7 percent compared to 20.2 percent in the same quarter of 2002.
"We overcame some of the impact created by global events because we had a very strong convention base and we were able to fill in rooms with our Internet room campaigns. We started to feel the effects of the war with Iraq in late April. Our Asian and Canadian group business was severely impacted by the travel restrictions imposed due to the SARS virus. Those segments are rebooking and the summer looks stronger for overall bookings.
"Las Vegas gaming revenues fell for both April and May. Citywide visitor volumes, occupancy and convention attendance which were down in April and May, have started to rebound in late June and have continued strong in to July."
Riviera Black Hawk
Ron Johnson, President of Riviera Black Hawk, said, "Second quarter revenues of $12.3 million and EBITDA of $3.5 million were off $326,000 and $239,000, respectively from a year ago. Weaknesses in the Denver area economy, which resulted in a decrease in gaming revenues in the Black Hawk market and higher than expected benefit costs were two major reasons for the decline in revenues and EBITDA during the quarter. We are encouraged that, although gaming revenues were down we were able to increase market share during a very difficult economic period. We continue to monitor market conditions and are prepared to make adjustments accordingly."
Consolidated Operations
Bill Westerman, Chairman and CEO, said, "With $21 million of cash and $30 million available under our line of credit, we have the financial resources to weather any continued adverse business conditions and to fund the equity portion of our anticipated projects, including new venues, thus further diversifying our earnings base.
"I want to thank our shareholders for their support in voting overwhelmingly to eliminate the onerous provisions in our articles of incorporation, which restricted certain stockholders from voting in excess of 15 percent of the Company's shares. This will enable us to pursue opportunities to increase our equity base and attract strategic partners who could provide additional financial resources."
|
|
|
 |
|
 |
|
|
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News