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Herbst Gaming Profit Soars

LAS VEGAS -- Las Vegas-based slot route and casino operator Herbst Gaming Inc. on Tuesday reported a 67 percent increase in first quarter profit to $5.5 million.

The company also reported a 25 percent increase in revenue to $92.6 million for the first quarter ended March 31 compared to the same quarter a year ago. That figure excludes promotional expenses. Including promotional costs of about $3 million, net revenue was $89.6 million, a 26 percent increase over a year ago.

Cash flow rose 29 percent to $17.9 million.

First quarter 2004 and 2003 results include the slot route assets acquired from Anchor Coin, a subsidiary of International Game Technology.

Revenue from slot route operations rose 28 percent to $69 million and revenue from casino operations rose 17 percent to $22.8 million.

The company owns one of the largest slot routes in Nevada, with machines in gas stations, grocery stores and other outlets. It also owns Terrible's Hotel Casino on Paradise Road in Las Vegas, Terrible's Town Casino in Henderson, Terrible's Casino in Searchlight and Terrible's Town Casino in Pahrump.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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