Riviera owner reports second-quarter loss

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The owner of Riviera Las Vegas posted a second quarter loss on lower revenue Monday.

Riviera Holdings Corp., which also has a casino in Colorado, said it lost $5.76 million in the quarter ending June 30, more than the $4.2 million lost in 2010’s second quarter.

Riviera Holdings emerged from bankruptcy in December, but the case, as is routine, has remained open while claims are sorted out. Besides revenue falling amid weak business conditions, the company attributed the latest quarterly loss to continuing costs related to its bankruptcy.

Net revenue of $31.5 million was down from $32.3 million.

The company said the 2,075-room Riviera Las Vegas generated net revenue in the quarter of $21.6 million, a decline of 2.2 percent.

Casino revenue of $10.2 million fell 5.8 percent, with an increase in table game revenue offset by an 8.9 percent decline in slot revenue tied to fewer players.

Room revenue of $9.3 million increased 8.7 percent thanks to the hotel being fuller and the average daily room rate growing to $59.31 from $56.19.

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