Bankrupt Majestic Star reports better numbers

by Wally Northway

Published: December 3,2009

Tags: casino industry, gaming, publicly traded company, recession

TUNICA — Bankrupt Majestic Star Casino, LLC, which operates Fitzgeralds Casino/Hotel in Tunica, has released financial results for the three and nine months ended Sept. 30, 2009.

For the quarter, consolidated net operating revenues were $74.8 million compared to $82.7 million for the same period in 2008. The company recorded an operating loss of $1.9 million, compared to an operating loss of $36.4 million for the prior year.

For the nine months, consolidated net operating revenues were $232 million compared to $257 million for the same period in 2008. Operating income for the first nine months of 2009 was $8.5 million, compared to an operating loss of $21.4 million for the prior year.

For the third quarter, net operating revenues at Fitzgeralds Tunica were $18.8 million, compared to $19.5 million for 2008. Operating income was $500,000, compared to an operating loss of $100,000 for 2008.

For the nine months, net operating revenues at Fitzgeralds Tunica were $58.6 million, compared to $62.4 million for 2008. Operating income was $4.4 million, compared to $2.8 million for 2008.

On November 23, the company, its parent entity, Majestic Holdco, LLC, and a separate subsidiary of the parent, Majestic Star Holdco Inc., filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.

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