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Riviera Suffers Net Loss, But Room Rates Rise

LAS VEGAS-Riviera Holdings Corp. suffers a net loss of $18.3 million for the third quarter, but its ADR is up 6.5% compared to a year ago.

By Daniel D. Williams | Updated on November 04, 2007

LAS VEGAS-Riviera Holdings Corp. (RIV) said on Friday that in the third quarter it suffered a net loss of $18.3 million or $1.48 per share. According to chairman and CEO Bill Westerman, the loss resulted in part due to the firm refinancing a $225-million floating loan to a fixed rate of 7.5%.

“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.

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