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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Affinity Gaming sees revenues decline in third quarter

14 November 2013

LAS VEGAS -- Affinity Gaming, which operates the Primm casinos and the off-Strip Silver Sevens, experienced declines in operating income and net revenues during the third quarter, the company said Wednesday.

Affinity, which also has casinos in Northern Nevada, Missouri, Iowa and Colorado, said its operating income in the quarter that ended Sept. 30 was $8.3 million, down from $10 million in the same quarter a year ago. Total revenues declined 1.6 percent to $99.1 million.

The company is not publicly traded but has publicly owned debt.

In Nevada, Affinity said, its net revenues declined 11.1 percent to $59 million, partly a result of a change in management in a travel center that opened at Whiskey Pete’s in Primm. The facility is now operated by a third party, which pays Affinity lease income based on sales of diesel fuel and maintenance services.

The three Primm properties also saw declines in casino and hotel revenues because of reduced visitation.

Affinity CEO David Ross said operating results company­wide experienced “continued soft regional gaming trends.”

He said the Primm renovations and remodeling at the company’s three casinos in Colorado disrupted business.

“The grand reopening of our Colorado properties was well-received by our customers and the market, and we look forward to focusing on operations now that the renovations are complete,” Ross said.

“We expect these investments will result in a meaningful long-term return on investment.”