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Riviera posts third-quarter losses
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LAS VEGAS REVIEW-JOURNAL
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.
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Don't worry ...everything will be fine when the idiot public wakes up and realizes what a great deals they are providing. LOL
Shocking.
Who would ever guess this could happen?
Has anyone been to the Riv? It needs some serious work...if tourism is down, where do you think the people that DO come here want to go? To the nicer hotels..