VEGAS INC
Las Vegas-based casino operator Affinity Gaming LLC — the former Herbst Gaming — on Friday said business was flat in the second quarter as it posted a smaller profit.
The company earned $716,000, down from $5.687 million in 2010’s second quarter, when its predecessor was operating in bankruptcy.
Net revenue of $164.9 million was up from $164.8 million.
Trends were flat at the company’s complex of three casinos in Primm on I-15 on the California border, with gross revenue there of $54.7 million improving from $52.8 million. That was mainly because of higher prices for gasoline sold by the company there as well as increased retail sales. Casino revenue in Primm was down $1 million while hotel revenue edged up $400,000.
Affinity’s other Southern Nevada casinos, including Terrible’s Las Vegas, saw gross revenue decline from $20.5 million to $19.5 million.
“Southern Nevada continues to see record high unemployment and foreclosure rates affecting our local customer base. In addition, Terrible’s Las Vegas, which also attracts Las Vegas visitors, continues to face cautious consumer spending, resulting in a noticeable decline in the amount spent per visitor,” Affinity said in Friday’s report.
Revenue also fell at the company’s slot route business in Nevada from $47.2 million to $45.5 million, with foreclosures and high unemployment causing a decline in play at machines in locations such as convenience stores and restaurants.
Revenue was flat at Affinity’s properties in Northern Nevada and the Midwest.