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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Riviera reports $7.5 million first-quarter loss

20 May 2013

LAS VEGAS -- The owner of the Riviera posted a modest first-quarter loss as the company experienced a major decline in walk-in traffic because of its location on the north end of the Strip near the dormant Resorts World Las Vegas, Fontainebleau and the SLS Las Vegas project.

“We anticipate that our walk-in traffic will be adversely impacted for the foreseeable future,” Riviera Holdings Corporation said in a filing Wednesday with the Securities and Exchange Commission.

The company reported a net loss of $7.5 million compared to $4 million for the first-quarter of 2012.

Riviera Holdings said casino revenues for the first quarter were $6.3 million, down 28.6 percent from $8.8 million in the same period last year.

Room revenue was off 24.7 percent to $6.8 million, compared to $9 million last year, while food and beverage dropped 40.3 percent to $2.2 million, from $3.7 million in the first quarter of last year.