The owner of the Riviera hotel-casino on the Las Vegas Strip reported a smaller quarterly operating loss Monday as business overall was flat in the second quarter.
Riviera Holdings Corp. said net revenue at the 2,075-room property of $21 million was down from $21.6 million in the year-ago quarter.
For the quarter ended June 30, the operating loss of $4 million was down from the $5.5 million lost in 2011's second quarter. The loss was smaller because costs were reduced, the company said in its financial report.
After factoring in a $22 million gain from the sale of the company's casino in Black Hawk, Colo., Riviera Holdings reported quarterly net income of $11.8 million or $1.31 per share vs. a loss a year ago of $5.8 million or 67 cents.
Riviera Holdings said casino revenue during the quarter fell $600,000 or 6.2 percent as an increase in table game activity was offset by a decline in business for its slot machines.
The increase in table game action was attributed to the targeting of gamblers favoring Asian games such as baccarat and Pai Gow. However, coin-in volume for the slot machines fell from $111.7 million to $105.4 million.
Occupancy at the hotel was 81.3 percent, down from 82.7 percent.
Citing continued losses at the Riviera, Moody's Investors Service on July 5 downgraded its outlook on Riviera Holdings' $74.3 million in debt for the second time since April.