MEMO: LADY LUCK REPORTED LARGE REVENUE GAINS FOR QUARTER

The Lady Luck Gaming Corp. reported large revenue gains in its latest quarterly report.

Net revenues of $37.7 million were reported for the three months ended June 30, a 73.7 percent increase from the $21.7 million for the same period a year ago.

Net income for the second quarter was $734,000, compared with a net loss of $10.6 million in the second quarter of 1994.

Michael A. Hlavsa, chief financial officer for Lady Luck, reported on the company's financial status during a meeting with the Scott City Council last week.

Consolidated revenues for the first six months of 1995 were $72.4 million, compared to $50.9 million for the first six months of 1994, up 42.2 percent. The company posted net income of $2.8 million for the first half of 1995, compared to a $10.3 million loss for the same period of 1994.

This is good news for the company, which owns and operates casinos in Iowa, Mississippi and Colorado, and is in the pre-development and development stages of projects in Missouri and Canada. Lady Luck reported net revenue of $34.8 million during the first quarter of 1995.

More than a year ago, Lady Luck adopted a revised business strategy that has improved its financial standing for 1995.