Thursday, July 27, 2000 | 11:14 a.m.
Hard Rock Hotel Inc., owner of the Las Vegas Hard Rock hotel-casino, reported a quarterly loss Wednesday of $3,000 or 4 cents per share, an improvement from the year-ago quarter's loss of $3 million or $40.33 per share.
The quarterly loss in the most recent quarter came after the payment of $819,000 in preferred stock dividends.
Hard Rock said second quarter net revenues increased 43 percent to $31.7 million. Cash flow, or earnings before interest, taxes, depreciation, amortization and pre-opening costs (EBITDA), rose 43 percent to $8 million.
Substantial increases in average daily rate and occupancy were achieved in addition to a 70 percent increase in table games revenues and a 38 percent increase in slot machine revenues, the casino said.
"The company has never been in a better position financially," said Chairman and Chief Executive Peter Morton.
Hard Rock added that it issued $20 million in preferred stock during May. The net proceeds of the issuance were used to reduce debt.
Also reporting earnings was MTR Gaming Group Inc., owner of the new Speedway Casino in North Las Vegas and the new Speakeasy Casino in Reno.
The firm, based in Chester, W.Va., reported a second quarter profit of $4.3 million or 17 cents per share vs. $2.3 million or 9 cents in the year-ago quarter as revenue advanced from $28.3 million to $42.7 million.
Revenue at the two Nevada properties totaled $2.9 million vs. $672,000 in the year-ago quarter when there were no gaming revenues.
The Nevada properties lost $1.2 million due primarily to marketing and other expenses for the grand openings of the properties, MTR said.
The company's main asset is the Mountaineer Racetrack & Gaming Resort in Chester, W.Va. It has 1,355 video lottery terminals, a 101-room hotel, golf course and other amenities.
And PDS Financial Corp. of Las Vegas -- which finances, leases, sells, manufactures and refurbishes slot machines and other gaming equipment -- today reported a quarterly profit of $230,000 or 6 cents per share vs. a loss in the prior-year quarter of $170,000 or 5 cents per share.
Revenues increased 33 percent to $14 million.
The company's lease portfolio decreased to $60.5 million on June 30 from $62.1 million as of Dec. 31, 1999. PDS's investment in equipment held for sale or lease increased from $6.6 million on Dec. 31 to $7.1 million.
archive
