All-American SportPark losses widen

Tuesday, May 2, 2000 | 10:31 a.m.

The parent company of All-American SportPark Inc., which operates the SportPark Las Vegas theme park, reported higher revenues but widening losses for its 1999 fiscal year that ended Dec. 31.

Sports Entertainment Enterprises Inc. reported revenues of $9.8 million in 1999 compared with $4.5 million in 1998. The company's net loss was $3.5 million, or 43 cents per share, compared with $1.1 million, 17 cents per share, the previous year.

The company, which also operates the Callaway Golf Center next to the theme park, said revenues were higher because the theme park was in operation the full 12 months of the year while it was only open three months in 1998. However, losses were greater because of increased interest expenses, the company said.

"Although the results for 1999 were disappointing in terms of the net loss per share, we believe that the company and (All-American SportPark) are well positioned in the year 2000 and beyond," said Voss Boreta, president of Sports Entertainment Enterprises.

"The consultant that was hired by AASP in December 1999 has helped revise AASP's business plan for the SportPark Las Vegas, which includes detailed sales and marketing strategies supported by a realistic cost structure that is expected to eventually result in profitability for the SportPark Las Vegas," he said.

The 65-acre park at Las Vegas Boulevard and Sunset Road has corporately sponsored baseball, golf, skating, auto racing video games and rock-climbing attractions and an arena.