Ark Sells Casino Venues

Las Vegas operations represented 47.4% of the company's total revenues during the latest quarter and 54.4% of the company's total revenues from continuing operations for the first nine months of this year, according to the latest quarterly financial report filed by the restaurant company. Ark owns and operates 24 restaurants and bars, 28 fast food concepts, catering operations and wholesale and retail bakeries, nine of which are located in Las Vegas.

The Las Vegas operations include three restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and nine food court concepts; four restaurants and bars within the Venetian Casino Resort as well as three food court concepts. The company also owns and operates one restaurant within the Forum Shops at Caesar's Shopping Center in Las Vegas.

Other Ark locations include eight restaurants in New York City, four in Washington, DC; two in Atlantic City and two at the Foxwoods Resort Casino in Ledyard, CT. Ark earned nearly $2.66 million, 77 cents per share for the latest quarter, compared with $3 million, or 88 cents per share for the same period last year.

The company said in its latest quartlery filing that income from continuing operations for the three months was negatively impacted by non-cash compensation and unusually hot weather and rainstorms in the Northeast during significant portions of the third quarter that interfered with outdoor seating, which usually contributes substantially to higher revenue at its New York City and Washington locations.

Total revenue from continuing operations for the three months was $32.6 million versus $32.2 million in the same period last year. The increase was primarily due to the opening of the company's Gallagher's Steakhouse and Luna Lounge in Atlantic City.