PARADISE ISLAND, BAHAMAS Sun International Hotels Limited reported net income for the fourth quarter of $3.8 million, excluding the effects of the $229.2 million write down of the investment in Resorts Atlantic City to its realizable value, pre-opening costs and sales of real estate at its Paradise Island operations. Including these non-recurring items, the company generated a net loss for the fourth quarter of $229.3 million, compared to net income of $11.3 million for the same period last year.
The reduction in operating earnings for the quarter was due mainly to a lower contribution from Atlantis and a lower contribution from the Mohegan Sun Casino, partially offset by an improved performance from Resorts Atlantic City. (2/6/01)