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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Affinity Gaming suffers second quarter loss, but sees revenue growth

15 August 2012

LAS VEGAS -- Casino operator Affinity Gaming suffered a $1.8 million loss in the second quarter, due primarily to the company debt refinancing.

Las Vegas-based Affinity, which operates casinos in Nevada, Iowa and Missouri, said Tuesday the company's net revenues for the quarter that ended June 30 were $116.4 million, a 1.9 percent increase over the previous year.

Affinity said it received $2.3 million in lease payments from three casinos the company acquired from Golden Gaming in Black Hawk, Colorado. Golden is operating the casinos until Affinity is licensed by the state.

Affinity is privately held but has publicly held debt. In Nevada, Affinity operates nine casinos, including the three Primm resorts and the off-Strip Terrible's.

"The double-digit growth we saw in the first quarter slowed during the second quarter, commensurate with the general economy," Affinity CEO David Ross said in a statement.

The company's net revenues from its Southern Nevada casinos increased by $2.3 million in the quarter.

Affinity has $399.5 million in debt.