Players International Reports 3rd Quarter Loss

Players International Inc. said it lost $3.7 million in its fiscal third quarter ended Dec. 31, in large part because it terminated a contract with its longtime commercial spokesman, actor Telly Savalas.

The latest loss compared with year-earlier earnings of $79,100. Players’ revenue in the quarter ended Dec. 31 dropped to $3.47 million from $5.11 million.

Calabasas-based Players is in the process of shifting its business. The company had primarily marketed discount packages to gamblers, but it’s now attempting to operate its own riverboat casinos.

The end of Savalas’ contract, which resulted in a $2.1-million charge against Players’ earnings in the latest quarter, “is predicated by the new direction that Players International has undertaken,” interim president Marshall Geller said in a statement.

Players’ first riverboat casino, based in Metropolis, Ill., is awaiting approval from the Illinois State Gaming Board.

For the first nine months of its fiscal year, Players lost $5.44 million, compared with a year-earlier loss of $3.57 million, and its nine-month revenue fell 30%, to $12.4 million from $17.6 million.