Revenue, losses up at SportPark

Tuesday, Dec. 14, 1999 | 11:52 a.m.

The company that operates the All-American Sport Park and a company that owns most of its stock reported third-quarter losses despite a 22 percent increase in revenues.

All-American SportPark Inc. reported a net loss of $807,785, or 27 cents per share, compared with a net loss of $697,600, or 23 cents per share, for the third quarter of 1998. The company attributed the 1999 loss to interest and depreciation expenses and continued first-year costs of marketing the sports theme park at Las Vegas Boulevard and Sunset Drive.

Park officials said revenues increased from $1.9 million in the second quarter of 1999 to $2.3 million for the third quarter. The park fully opened early this year.

All-American SportPark Inc. is the owner of the theme park, a 65-acre facility that incorporates a golf center, batting cages, go-cart tracks and an indoor arena under major sports sponsors.

Sports Entertainment Enterprises Inc. is the two-thirds owner of All-American SportPark Inc., with 2 million shares of common stock and 250,000 shares of preferred stock. Sports Entertainment Enterprises reported a net loss in the third quarter of $645,997, or 8 cents per share, compared with a net loss of $737,300, or 13 cents per share, in the third quarter of 1998.

All-American SportPark Inc. last week announced it had hired an amusement industry consultant to assess park operations and marketing efforts.

Management Resources Inc. has worked with theme parks operated by Disney, Sea World, Universal Studios and Paramount Parks as well as the Seattle Mariners baseball team, Coca Cola, Hilton Hotels, Sports Illustrated, Viacom Entertainment and the Olympic Games.

The terms of the contract were not disclosed. The first phase of the consultant's review of existing facilities is to be completed by the end of the month with a more involved review of competition and use of resources scheduled to be completed by the end of January.

Management Resources will be reviewing operating standards, schedules, staffing, attendance and capacity utilization and operating expenses. The consultant will use data from its review to determine how to cut operating expenses while maximizing revenues.