Tweet
Figured some of you might be interested in this, the story comments are no real surprise. 
http://www.lasvegassun.com/news/2008/sep/08/riviera-claws-every-expense/
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.
[...]
http://www.lasvegassun.com/news/2008/sep/08/riviera-claws-every-expense/
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.
[...]
Comment