-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LDrgSNo8mAa1E9+O3dBa3Iy6qh8qFYlzKFS8KYR7EpbQ4B5afClyl83Bc7ISoCVZ 27cRoSnJlB6bryYv9R42qQ== 0000899647-01-000003.txt : 20010223 0000899647-01-000003.hdr.sgml : 20010223 ACCESSION NUMBER: 0000899647-01-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010213 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RIVIERA HOLDINGS CORP CENTRAL INDEX KEY: 0000899647 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 880296885 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21430 FILM NUMBER: 1538989 BUSINESS ADDRESS: STREET 1: 2901 LAS VEGAS BLVD SOUTH CITY: LAS VEGAS STATE: NV ZIP: 89109 BUSINESS PHONE: 7027345110 MAIL ADDRESS: STREET 1: 2901 LAS VEGAS BLVD S CITY: LAS VEGAS STATE: NV ZIP: 89109 8-K 1 0001.txt RIVIERA 8 K FILING SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported): February 13, 2001 RIVIERA HOLDINGS CORPORATION (exact name of registrant as specified in its charter) Nevada 000-21430 88-0296885 (State of (Commission (IRS Employer Incorporation) File Number) Identification No.) 2901 Las Vegas Boulevard Las Vegas, Nevada 89109 (Address of principal office) (Zip code) Registrant's Telephone number, (702) 794-9527 including area code Item 5. Other Events On February 13, 2001, Riviera Holdings Corporation announced through a press release its fourth quarter, 2000, financial results. A copy of the press release disclosing those results is filed as an exhibit hereto. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) Not Applicable (b) Not Applicable (c) Exhibits Exhibit 99 Press Release dated February 13, 2001 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 14, 2001 RIVIERA HOLDINGS CORPORATION By: /s/ Duane Krohn Treasurer and CFO EXHIBIT INDEX Exhibit Number Description 99 Press Release dated February 13, 2001, announcing Riviera Holdings Corporation fourth quarter, 2000, financial results. EX-10 2 0002.txt PRESS RELEASE EXHIBIT 99 Riviera Holdings Corporation 2901 Las Vegas Boulevard South Las Vegas, NV 89109 Investor Relations: (800) 362-1460 TRADED: AMEX - RIV www.theriviera.com FOR FURTHER INFORMATION: AT THE COMPANY: INVESTOR RELATIONS CONTACT: Duane Krohn, Treasurer and CFO Lise Needham, Skorpus Consulting (702) 794-9527 Voice (510) 749-7575 Voice (702) 794-9442 Fax (510) 748-0906 Fax Email: dkrohn@theriviera.com Email: Imneedham@aol.com FOR IMMEDIATE RELEASE: RIVIERA REPORTS FOURTH QUARTER 2000 RESULTS LAS VEGAS, NV - February 13, 2001 -- Riviera Holdings Corporation (AMEX: RIV) today reported financial results for the fourth quarter and fiscal year ended December 31, 2000. Net revenues for the quarter were $51.7 million, up 35 percent from net revenues of $38.3 million in the fourth quarter of 1999. EBITDA (Earnings Before Interest, Income Taxes, Depreciation, Amortization, pre-opening expenses, and other income and expense, net) for the quarter was $8.1 million, up 23% from EBITDA of $6.6 million in the fourth quarter of 1999. The net loss increased to $2 million or ($0.53) per share in the fourth quarter of 2000 from $51,000 or ($0.01) per share in the fourth quarter of 1999. For the year ended December 31, 2000, net revenues were $206.8 million, up 31 percent from net revenues of $158.2 million in 1999. EBITDA for 2000 was $35.9 million, up 40 percent from $25.7 million in 1999. The Company's net loss increased to $4.2 million or ($1.05) per share in 2000 from $2.9 million or ($0.58) per share in 1999. Riviera Holdings Corporation had cash and short-term investments of $52 million, working capital of $29 million and shareholders' equity of $17 million at December 31, 2000. Fourth Quarter Highlights - - Riviera Las Vegas ADR (Average Daily Rate) up $2.47 or 4.1% - - Riviera Las Vegas EBITDA of $6.3 million was flat for both quarters in both 1999 and 2000 - - Cash and short-term investments totaled $52 million - - Riviera Black Hawk contributed $1.9 million in EBITDA, up 82% over the third quarter of 2000 - - Repurchased $6.6 million of Riviera Black Hawk, Inc.'s 13% bonds - - Repurchased 143,000 shares of Riviera Holdings Corporation common stock Riviera Las Vegas Bob Vannucci, President of Riviera Las Vegas, said, "Riviera Las Vegas had a good quarter, with EBITDA of $6.3 million for the quarter in both 1999 and 2000. EBITDA increased $4.6 million or 19 percent for the year. Net revenues increased by $2.1 million or 6 percent for the quarter and by $9.7 million or 6 percent for the year." Revenue increased in most departments driven by higher room revenues and increased covers in entertainment and food and beverage. Most significantly, ADR (Average Daily Rate) was up $2.47 or about 4 percent for the quarter and $5.16 or 10% for the year, while occupancy continued at an above-Strip average of approximately 93% for the quarter and 97% for the year. Cash room revenue increased by $531,000 or 5.5%. Our percentage of comp rooms decreased to 8.3% versus 10.1 percent in 1999. We continue to reap the benefits of having one of the largest convention centers in Las Vegas. Convention room nights increased from 23% in the fourth quarter of 1999 to 27% in the fourth quarter of 2000. Food, beverage and entertainment revenues increased $1.9 million in the quarter and departmental results were up $540,000 or 26%. These gains were primarily in the banquet area and are associated with the convention center. Our award winning Splash show continues to gain momentum with ticket sales up 98% in the fourth quarter of 2000 while the show was closed between Thanksgiving and Christmas in 1999. Gaming profitability continues to increase as our mix of slots to other games revenue grew to 78% and credit play in table games declined to less than 7% of table games drop during the quarter. Table games revenues increased $186,000, while departmental profits increased by $514,000 in the quarter. This was accomplished by reducing payroll and marketing costs in this labor-intensive area. In Las Vegas, non-gaming revenue represented 65% and 63% of net revenue for the three and 12-month periods, respectively. In addition, as reported in a release on Friday, February 9, 2001, the Riviera Las Vegas dealers voted not to be represented by the Transport Workers Union. Mr. Vannucci stated that, "We are obviously very pleased that our dealers chose not to be represented by the Transport Workers Union. We believe that what we have is a partnership between the Riviera and its dealers, and it would have been counterproductive to involve a third party in this partnership. The vote was a decisive pro-company one with the count standing at 107 for the company and 61 for the union," concluded Mr. Vannucci. Riviera Black Hawk Fourth quarter EBITDA, before Management Fees, was $1.9 million, up $843,000 from the third quarter. "Fourth quarter results reflect the continued momentum we have seen at Black Hawk since June," commented Ron Johnson, President of Riviera Black Hawk. "Slot revenues increased 4.6% in the fourth quarter, resulting in a 14.5% increase in market share. The improvement in slot revenues, coupled with effective controls on marketing expenses contributed to an 82% increase in EBITDA over the third quarter of 2000." In the fourth quarter we continued to refine and add to measures initiated in June of 2000, in order to build market share and profitability. These actions included: o Aggressively advertising the unique features of our slot product; o Continuing to build and refine our direct mail marketing program. In December we registered our 100,000th slot club member; o We opened our new "World's Fare Buffet", offering an expanded selection of food items in a first-class environment; o We continued to expand our entertainment offerings, which included Las Vegas style revues, musical groups, comedians, and boxing; and o We introduced a VIP program with additional amenities aimed at building $1 and $5 slot play. "We continue to monitor marketing programs in the Black Hawk/Central City market, particularly the direct mail cash coupon programs, and their effect on margins. We have recently seen a reduction in the frequency and magnitude of such offers, which, if sustained, could have a positive effect on profits and margins going forward," Mr. Johnson said. Safe Harbor Statement: The forward-looking statements included in this news release, which reflect management's best judgment based on factors currently known, involve risks and uncertainties including expansion timetables, hotel and casino market conditions and other risks detailed from time to time in the Company's SEC reports, including the Report on Form 10-K for December 31, 1999. Actual results may differ. About Riviera Holdings: Riviera Holdings Corporation owns and operates the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, Colorado. Riviera is traded on the American Stock Exchange under the symbol RIV. --Tables Follow--
Riviera Holdings Corporation Financial Summary Periods Ended December 31 ($ in 000s except per share data) Fourth Quarter Year --------------- ---- 2000 1999 2000 1999 ---- ---- ---- ---- Net Revenues: Riviera Las Vegas $40,092 $38,008 $166,841 $157,109 Riviera Black Hawk 11,630 0 39,713 0 Riviera Gaming Management 0 314 233 1,064 - --- --- ----- Total Net Revenues 51,722 38,322 206,787 158,173 EBITDA: Riviera Las Vegas 6,234 6,278 29,246 24,631 Riviera Black Hawk 1,866 0 6,597 1 Riviera Gaming Management 0 298 88 1,047 - --- -- ----- Total EBITDA 8,100 6,576 35,928 25,679 EBITDA Margin: Riviera Las Vegas 15.5% 16.5% 17.5% 15.7% Riviera Black Hawk 16.0% 16.6% Riviera Gaming Management 94.9% 37.8% 98.4% Total EBITDA 15.7% 17.2% 17.4% 16.2% Net Loss $1,981 $51 $4,215 $2,869 Weighted Average Diluted Shares Outstanding 3,768 4,705 4,013 4,978 Net Loss Per Share $0.53 $0.01 $1.05 $0.58
Balance Sheet Summary ($ in 000s) Dec 31, Dec 31, 2000 1999 ---- ---- Cash and short term investments $52,174 $48,062 Cash and short term investments - restricted 0 15,060 Total current assets 65,662 75,585 Property and equipment, net 207,029 202,659 Total assets 283,709 288,990 Total current liabilities 37,060 32,260 Long-term debt, net of current portion 223,172 223,766 Total shareholders' equity 16,944 27,678
RIVIERA HOLDINGS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND TWELVE MONTHS ENDED DECEMBER 31, 2000 AND 1999 (In thousands, except per share amounts) - ----------------------------------------------------------------------------------------------------------- Three Months Ended Twelve Months Ended December 31, December 31, ------------------------------------------------------ 2000 1999 2000 1999 ------------------------------------------------------ REVENUES: Casino $28,582 $17,152 $112,949 $74,086 Rooms 11,406 10,973 43,819 39,899 Food and beverage 7,078 5,828 30,756 25,117 Entertainment 5,956 4,365 24,526 20,994 Other 2,549 3,155 10,538 11,713 ------------------------------------------------------ Total revenues 55,571 41,473 222,588 171,809 Less promotional allowances 3,849 3,151 15,801 13,636 ------------------------------------------------------ Net revenues 51,722 38,322 206,787 158,173 ------------------------------------------------------ COSTS AND EXPENSES: Direct costs and expenses of operating departments: Casino 16,695 9,993 62,903 43,211 Rooms 5,739 5,574 23,364 21,909 Food and beverage 5,240 4,586 21,432 18,307 Entertainment 4,648 3,538 18,959 16,271 Other 730 727 3,146 3,228 Other operating expenses: General and administrative 10,569 7,326 41,055 29,568 Preopening expenses-Black Hawk, Colorado 476 1,222 595 Depreciation and amortization 4,583 3,587 17,827 13,991 ------------------------------------------------------ Total costs and expenses 48,204 35,807 189,908 147,080 ------------------------------------------------------ INCOME FROM OPERATIONS 3,518 2,515 16,879 11,093 ------------------------------------------------------ OTHER (EXPENSE) INCOME Interest expense (7,043) (6,660) (27,805) (23,448) Interest income 509 657 2,429 2,255 Interest capitalized 1,701 616 4,733 Other, net 21 (159) 1,171 (1,963) ------------------------------------------------------ Total other expense (6,513) (4,461) (23,589) (18,423) ------------------------------------------------------ LOSS BEFORE INCOME TAX BENEFIT 2,995 1,946 6,710 7,330 BENEFIT FOR INCOME TAXES 1,014 1,895 2,495 4,461 ------------------------------------------------------ NET LOSS $1,981 $51 $4,215 $2,869 ====================================================== LOSS PER SHARE DATA: Loss per share Basic and Diluted $ 0.53 $ 0.01 $ 1.05 $ 0.58 ------------------------------------------------------ Weighted-average common shares outstanding 3,768 4,705 4,013 4,978 ------------------------------------------------------
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