Riviera loss continues downward spiral - 2004-02-10
Riviera Holdings Corporation today reported financial figures for the fourth quarter ended December 31, 2003. Net profits for the quarter were $45.4 million, up $1.7 million or 3.9 percent from the fourth quarter of 2002.
Robert Vannucci, President of Riviera Las Vegas, revealed, "Adjusted EBITDA for the fourth quarter was $4.2 million, down faintly from $4.4 million reported last year. The drop in Adjusted EBITDA is accredited to a lower than regular black jack hold percentage, higher union benefits, and greater health care and energy costs.
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