"This coupled with the $12.9-million charge to redeem the company's previous debt has resulted in a net loss for our company for the quarter and the nine months," Westerman said during a conference call. He added that the firm's operating results continue to post increases.
Net revenues for the nine months ended Sept. 30 were $158.1 million, an increase of $3.6 million or 2% from the same period a year ago. Income from operations was $25.1 million, an increase of $4.4 million or 21% from the 2006 period. Adjusted EBITDA was $36.1 million, an increase of $4.2 million or 13% from the 2006 period.
Riviera, which owns and operates the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, CO, has taken on a $25-million capital expenditure plan. The capital layout calls for 500 refurbished rooms to be in place by January 2008. The units will include flat panel, 32-inch Philips TVs, Euro beds and new upgraded bedding ensembles, according to Westerman.
"We anticipate the upgrade to our rooms will continue to produce room rate increases," said COO Robert Vannucci. The firm has already experienced a boost in room revenue, where the increase in ADR (average daily rate) was $79.13 in the third quarter of 2007, up $4.85 or 6.5% compared to 2006. RevPar (revenue per available room) increased $3.76 or 5%."
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