xcluding asset write-downs and other one-time items, operating profit was 10 cents a share. On that basis, analysts had expected a loss of 7 cents a share, according to Thomson Reuters I/B/E/S. "We think better-than-expected net revenues and EBITDA (earnings before interest, tax, depreciation and amortization) margins are reflective of smarter, more efficient marketing and lower promotions/comping," J.P. Morgan analyst Joseph Greff said in a research note.
Revenue rose 14.9 % to us$ 288 million, ahead of analysts' average forecast of us$ 282.7 million. The Las Vegas-based company operates casinos in Nevada, Louisiana, Indiana and Missouri. Shares of Pinnacle up were up us$ 1.09 to us$ 13.15 in afternoon trade on the New York Stock Exchange.
Reflecting its focus on operating excellence and the opening of River City Casino on March 4, 2010, the company generated year-over-year Adjusted EBITDA(b) increases in all of the markets where it operates. Of note, Adjusted EBITDA at L'Auberge du Lac Casino Resort increased 24.5% to us$ 23.9 million, on a modest 1.4% revenue improvement.
In addition, Adjusted EBITDA for Belterra Casino Resort increased by 31.8% to us$ 9.5 million (inclusive of a us$ 756,000 positive one-time accounting impact from resolution of a tax matter) despite a 2.6% revenue decline. Adjusted EBITDA at Boomtown New Orleans rose 35.8% on only a 4.8% increase in revenues.
Pinnacle's revenues from its St. Louis properties rose 66% from last year's third quarter and Adjusted EBITDA increased 56.5%, reflecting the opening and ramp-up of operations at River City and market share gains. Pinnacle's total St. Louis market share was 31.2% in the third quarter of 2010 compared with 19.3% in the prior-year period. In the first nine months of 2010, revenues and Adjusted EBITDA generated by Pinnacle's St. Louis properties rose 53.1% and 48.8%, respectively.