Casinos.co.uk: Casino News Archive
Thursday 8th May 2008
Riviera Holdings' casinos suffer revenue hit
The two casinos owned by Riviera Holdings have fallen victim to the current trend sweeping the casino industry.
It was announced today that revenue from both venues fell during the first three months of this year compared to the first quarter of 2007.
Riviera Black Hawk in Colorado was the worst hit with a 15.1 per cent revenue decline over the period, while Riviera Las Vegas also suffered to the tune of 5.3 per cent.
The combined net revenue decrease left the company with a total of $48 million - a drop of $4 million.
Chief executive William L Westerman commented: "Record-high gas prices, access issues due to neighbouring construction problems, a statewide smoking ban in casinos in Colorado and a weakened economy all contributed to lower consolidated financial results in our first quarter of 2008."
The results will not surprise many followers of the casino industry, as some of its biggest companies have reported similar decreases for the first quarter of 2008, including Wynn Resorts, Las Vegas Sands and MGM Mirage.
Source:Direct News
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