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Best of Howard Stutz

Gaming Guru

Howard Stutz

Affinity Gaming sees revenue, cash flow drop

15 August 2014

LAS VEGAS -- Casino operator Affinity Gaming saw a decline in both revenue and cash flow during the second quarter, the Las Vegas-based company said Thursday.

Overall revenue of $99.6 million was a decline of less than 1 percent while cash flow fell 28.8 percent to $12.7 million for the period that ended June 30.

Las Vegas-based Affinity, which owns 11 casinos in four states, is not publicly traded but has publicly held debt.

In Nevada, Affinity said its overall revenue declined 2.2 percent, which included a 6.6 percent decline in casino revenue. The company operates five casinos in Nevada, including the off-Strip Silver Sevens Hotel & Casino and the three Primm resorts.

Affinity CEO David Ross, who left the company at the end of July, said in a statement the recent resolution of litigation involving the company’s two largest shareholders allows Affinity to “focus on growth and value creation.”

A replacement for Ross has not been named.

“While the operating environment remains tough in our core markets, we continue to analyze the effectiveness of our marketing and promotional campaigns and expect that as we implement efficiencies, we’ll be able to improve overall performance while best positioning our properties in this tough promotional and economic environment,” Ross said.