Hughes Center owner’s quarterly loss widens

Monday, Nov. 8, 2004 | 10:51 a.m.

Crescent Real Estate Equities widened its quarterly losses during the third quarter.

Today the Fort Worth-based company reported a loss of $18.7 million or a loss of 19 cents per share for the third quarter ended Sept. 30. That compares with a loss of $3.3 million or a loss of 3 cents per share in the year-ago quarter.

Crescent is the owner of the Hughes Center office park at Flamingo and Paradise roads. The Hughes Center is known as the premier office park in Las Vegas and is anchored by the 18-story, 259,000-square-foot Wells Fargo tower at 3800 Howard Hughes Parkway.

Revenue for the company's office, resort and hotel, and residential development property grew 17 percent to $235.9 million.

"It's better than it's been in the last three years," John Goff, vice chairman and chief executive, said during a conference call this morning.

In early morning trading this morning, Crescent shares were up 17 cents or 1 percent to $16.32.

archive