Affinity Gaming Profits in Fourth Quarter
By: Brenda Stokes
on Tuesday, April 03, 2012
Affinity Gaming, LLC is did much better in the fourth quarter of 2011 than previous quarters, bouncing back into being profitable. The Las Vegas-based company recently filed these results with the Securities and Exchange Commission, making their earnings for the previous year public.
In the fourth quarter, Affinity reported a gain of $3.8 million on $105.7 million in revenue. Compare this to the $73.8 million loss on $101 million in revenue from the fourth quarter of the previous year and you can see how far this company has come. Now under new ownership, the company is no longer under Chapter 11 bankruptcy protection.
Since then, Affinity has sold their Searchlight casino and some of its holdings with Terrible Herbst stores to JETT Gaming LLC on February 27. Only two days later, the company sold the rest of its holdings to Golden Gaming, along with the two Pahrump casinos it owned. Affinity bought some stake in Golden Gaming casinos in Colorado, however, the company is leasing them back to Golden until it's set up to operate fully in the state.
All in all, these are positive indicators that the company is pulling out of financial ruin, especially since many former quarters included the proceeds gained from bankruptcy asset sales, which means they've improved even more than what appears on paper.
Affinity currently operates the Terrible's casino.