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Riviera claws at every expense

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  • Riviera claws at every expense

    Figured some of you might be interested in this, the story comments are no real surprise.

    By Liz Benston
    Sept 8, 2008

    When times are flush, managers think big: Budgets balloon, plans take shape and perks flow. When times are tough, as they are now for casinos on the Strip, they’re thinking small, combing budgets, reviewing expenses and trimming where they can.

    Properties such as the Riviera have had to get even more creative. The efforts at the resort — which is owned by Riviera Holdings Corp., a small publicly traded company that makes about 75 percent of its revenue from its Strip casino — provide a window on how Las Vegas casinos are coping during tough economic times.

    The company had a breakout year in 2007. Revenue rose 2 percent compared with the prior year. Earnings before interest, taxes, depreciation and amortization, a key measure in the casino industry, jumped 7 percent and profit margins rose a percentage point. Management was applauding a job well done at a property that emerged from bankruptcy in 1993.

    Nonnumquam cupido magnas partes Interretis vincendi me corripit

  • #2
    Re: Riviera claws at every expense

    How bad does management have to be for a Casino to declare Chapter 11? I mean a casino is pretty much a license to print money. I say bring the mob back in let them show those corporate types how to run things :-).

    Just because you can doesn't mean you should. This applies to making babies, hacking, and youtube videos.