|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
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.