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Holy Shit Dept: Riviera Profit Quadruples!

By Chuckmonster on Friday, 29th April 2005 12:22am
  » filed under Las Vegas  comments: 0

   

The owner of the Riviera hotel and casino reported that first-quarter profit quadrupled as business on the Strip soared.

Riviera Holdings Corp., which also owns a casino in Colorado, reported profit of $2.1 million or 18 cents per share compared with profit of $540,000 or 5 cents per share in the first quarter of 2004.

Revenue minus promotional costs rose 4 percent to $52.5 million.

Earnings before interest, taxes, depreciation and amortization -- a key profit indicator -- rose 9 percent to a quarterly record of $11.6 million. That figure doesn't include other costs such as equity compensation and development costs.

[ Further proof that Wynn aint gonna buy the joint, and that Tim & Tom may have missed the boat - Ed ]

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