Hotel Online Special Report
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The Luxor's Operating Cash Flow Up 20% in the 2nd Quarter Compared to Previous Year
 
 
LAS VEGAS, Aug. 20, 1998 -  Circus Circus Enterprises, Inc. (NYSE: CIR) today announced its results for the second quarter ended July 31, 1998. For the quarter, Circus reported net income of $25,285,000 or $.27 per share, compared with $24,488,000 or $.26 per share in the prior year.

In Las Vegas, Luxor produced $24.3 million of operating cash flow in the quarter, up 20% compared to $20.3 million in the same quarter a year ago. Casino revenues at the property rose 18% in the quarter and the average room rate climbed 7%, as the company's new marketing programs and national advertising campaign delivered higher visitor and player counts. At Circus Circus-Las Vegas, operating cash flow increased to $16.6 million against $14.8 million last year, while Excalibur held steady at approximately $18.7 million. Also on the Strip, Monte Carlo (50% of which is owned by Circus Circus) posted operating cash flow of $18.6 million compared with $21.7 million. That property's win percentage in the casino was lower than the prior year's.

In Reno, the company generated a total of $14.8 million in operating cash flow (including Circus' 50% ownership of Silver Legacy) against $14.0 million a year ago. And in Laughlin the company's two properties _ Colorado Belle and Edgewater _ contributed $7.4 million in operating cash flow versus $5.9 million last year _ a 27% increase.

In Tunica County, Mississippi, the company's recently expanded and remodeled Gold Strike Casino Resort turned in $7.9 million in operating cash flow compared with $2.1 million in the prior year, while in Elgin, Illinois, Grand Victoria (50% owned by Circus) posted $19.4 million against $24.1 million last year. This year the state's maximum tax rate on casino revenues has risen to 35% from 20% a year ago, which caused the downturn in the vessel's profits. Casino revenues at Grand Victoria were up 5% in the quarter.

In total, the company's properties (before corporate expense but including the company's share of depreciation from joint ventures) generated $114.7 million in operating cash flow compared with $105.6 million in the second quarter last year. Circus Circus Enterprises, Inc. owns and operates 10 properties in Nevada, Circus Circus, Luxor, Excalibur and Slots-A-Fun in Las Vegas; Circus Circus-Reno; Colorado Belle and Edgewater in Laughlin; Gold Strike and Nevada Landing in Jean and Railroad Pass in Henderson. The company also operates Silver City in Las Vegas; owns a 50% interest in Silver Legacy in Reno and owns a 50% interest in and operates Monte Carlo in Las Vegas. The company also owns and operates Gold Strike in Tunica County, Mississippi, and owns a 50% interest in and operates the Grand Victoria riverboat casino in Elgin, Illinois.
 

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Contact:
Glenn Schaeffer of Circus Circus Enterprises, Inc., 702-691-5912
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Also See:
Circus Circus Names Newest Las Vegas Resort Mandalay Bay / Feb 1998 

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