Riviera Holdings own the Riviera hotel-casino in Las Vegas and the Riviera hotel-casino in Black Hawk, Co. Thanks to continued poor performance in Las Vegas, the company produced a net loss of $4.7 million in the third quarter, up from a loss of $3.5 million in the same year-earlier period, despite $1.3 million of net operating income from its Colorado property, an 8.3% increase from the year-earlier period attributable to increased casino revenue.

In Las Vegas, the company produced a loss from operations of $700,000, which is a 404% turnaround from $200,000 of income from operations in the same year-earlier period. The decrease was primarily attributed to a 25% drop in net revenue to $22.6 million from $30.2 million on an across-the-board drop in revenues. Operating margin for the property was negative at 3.1%; in the same year-earlier period the margin was a positive 0.8%.

Casino revenues fell 16.9% to $9.8 million from $11.8 million in the same year-earlier period, with slots revenue off by 13.7% and table games revenue off by 27.3%. Room revenue fell by 28.6% to $8.7 million from $12.1 million, primarily due to a 20.8% reduction in the average daily room rate to $59.51 from $75.17. Average occupancy [per available room] fell more than 1,000 basis points to 76.7% from 87.1% in the same year-earlier period. As a result, revenue per available room, or RevPar, fell 30.3% to $45.61 from $65.44 in the same year-earlier period.