Riviera Holdings Corp. reports $4 million loss in first quarter
Riviera Holdings Corp., parent company of the Riviera on the Strip, said Friday that it lost $4 million in the first quarter, compared with a profit of $82.8 million in the same period in 2011.
The profit in the first quarter last year was attributed to $85 million in benefits related to the Las Vegas company’s emergence from bankruptcy.
In its earnings report, Riviera said its casino revenue declined 1.7 percent to $8.8 million in the first quarter, while room revenue dropped 2.5 percent to $9.1 million; food and beverage was off 1.5 percent to $3.7 million.
The hotel-casino saw its average daily room rate drop to $58.24, a $4.16 decline for $62.40 reported in the first quarter of 2011.