Casino Riviera reports modest but significant loss

Casino Riviera owners reported a modest loss in the first quarter of 2013. The company experienced a considerable fall in the walk-in traffic at the casino, which led to the loss. The decline in footfall has been majorly contributed for its location. The casino is located at the Strip’s North End near few of the dormant resorts: Fontainebleau and World Las Vegas.

One of the officials at the Riviera Holdings Corporation mentioned in a filing with the Security and Exchange Commission that they were anticipating the footfall to be impacted adversely in the foreseeable future.

Riviera’s loss of USD 7.5 million in the first quarter was almost double of the loss, which they experienced during the same period last year, when it was reported to be USD 4 million.

The officials said that the revenue of the casino also had a hit. It was reported to be USD 6.3 million, which was 28.6% lower than the USD 8.8 million recorded during the same period in the previous year.

Room and food revenues were also hit, as they dropped from USD 12.7 million to 9 million this year.

Officials are working hard to get the casinos back in track, but they believe that tough times are ahead for them, if things do not get under control.

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