Earnings decline in first quarter

Monday, May 14, 2001 | 10:40 a.m.

Hard Rock Hotel Inc. of Las Vegas reported declines in revenues, cash flow and net income for the quarter ending March 31.

The company reported net income of $1.2 million, down from $2.4 million in the year-ago quarter. Net revenue declined 1.6 percent to $30.9 million, while cash flow fell 16 percent to $8.4 million.

Hard Rock blamed the decline on below-normal table game hold, which negated a 17 percent increase in table game drop. Had hold been normal, Hard Rock said it would have reported $34.2 million in net revenues, a 9 percent increase over the year-ago period.

Casino revenues fell 18 percent to $12.6 million, while retail revenues were off 7 percent to $2.3 million. But food and beverage revenue surged ahead 26 percent to $9.9 million, and lodging revenue was up 7 percent to $7.2 million. Average daily room rates were up 13 percent during the quarter, the company said.

Hard Rock is the owner and operator of the Hard Rock hotel-casino near the Las Vegas Strip.

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