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Empire Resorts Q1 loss widens 27.9% YOY

Empire Resorts Inc. said its first-quarter normalized net income was a loss of 16 cents per share, compared with a loss of 24 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 $3.2 million, compared with a loss of $2.5 million in the year-earlier period.

The normalized profit margin dropped to negative 20.0% from negative 17.4% in the year-earlier period.

Total revenue grew 11.6% year over year to $16.2 million from $14.5 million, and total operating expenses increased 17.3% on an annual basis to $21.0 million from $17.9 million.

Reported net income totaled a loss of $5.2 million, or a loss of 26 cents per share, compared to a loss of $4.1 million, or a loss of 39 cents per share, in the year-earlier period.