Affinity Gaming reports $7.5 million 3rd-quarter loss
13 November 2012
Las Vegas-based Affinity Gaming LLC today reported a wider third-quarter loss driven by write-offs related to the sale of three Northern Nevada casinos.
The company lost $7.5 million vs. a loss in the year-ago quarter of $2.3 million. The 2012 quarter’s loss was driven by $9.8 million in after-tax noncash expenses the company was required by accounting rules to record.
The expenses, called impairment charges, were taken to write down the value of the three casinos Affinity agreed to sell in September. They are in Reno, Verdi and Dayton and Affinity said they were non-core assets unessential to its main business.
Otherwise, Affinity said its continuing businesses in Nevada, Colorado, Iowa and Missouri produced quarterly net revenue of $100.7 million, up from $89 million. Net income after factoring out the special accounting items was $1.6 million vs. a loss a year earlier of $869,000.
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