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Empire Resorts Q4 loss widens YOY

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Empire Resorts Q4 loss widens YOY

Empire Resorts Inc. said its fourth-quarter normalized net income came to a loss of 47 cents per share, compared with a loss of 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.2 million, compared with a loss of $2.3 million in the year-earlier period.

The normalized profit margin fell to negative 45.2% from negative 14.8% in the year-earlier period.

Total revenue climbed year over year to $16.3 million from $15.6 million, and total operating expenses increased 45.1% from the prior-year period to $27.1 million from $18.7 million.

Reported net income totaled a loss of $11.8 million, or a loss of 78 cents per share, compared to a loss of $3.5 million, or a loss of 25 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $2.13 per share, compared with a loss of $1.61 per share in the prior year.

Normalized net income was a loss of $22.9 million, compared with a loss of $14.9 million in the prior year.

Full-year total revenue rose on an annual basis to $68.2 million from $65.2 million, and total operating expenses grew 27.8% year over year to $102.1 million from $79.9 million.

The company said reported net income totaled a loss of $36.8 million, or a loss of $3.42 per share, in the full year, compared with a loss of $24.1 million, or a loss of $2.60 per share, the prior year.