Horseshoe Gaming Holding Corp. reported first quarter 2002 net income of $26.1 million, up from $25.3 million a year ago. The jump in income came despite the casino operator generating $211.8 million in revenue, compared with $263.5 million a year ago. The quarter ended March 31.
The Tinley Park, IL-based company attributed the increase in its margin to a deliberate reduction in direct mail and advertising costs during the quarter. It pulled back its efforts when it saw that competitive pressures associating with direct competition in its markets had leveled off.
The company was not available to comment on its previous levels of direct mail activity at deadline.
Horseshoe Gaming operates casinos in Bossier City, LA, Tunica, MS and Hammond, IL. A fourth, located in Joliet, IL, was sold in July 2001.
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