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November 28, 2009

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Hard Rock club helps narrow loss

By Liz Benston (contact)

Friday, March 4, 2005 | 10:58 a.m.

The Hard Rock Hotel & Casino in Las Vegas narrowed its losses in the fourth quarter but reported higher revenue driven primarily by beverage sales at its new nightclub, Body English.

The company that owns the resort reported losses of $294,000 in the fourth quarter of last year compared with $395,000 for the same quarter in 2003.

Revenue rose 9 percent to $35.4 million, a fourth quarter record.

The company's earnings before interest, taxes, depreciation, amortization and certain other costs -- a key indicator of casino performance -- rose 5 percent to $7.6 million.

Casino revenue fell 11 percent to $12.7 million. Room revenue rose 14 percent to $7.7 million and food and beverage revenue -- driven by nightclub sales and banquet business -- rose 36 percent to $13.3 million.

About $1.8 million of the food and beverage increase came from Body English alone, Hard Rock Chief Financial Officer Jim Bowen said.

Average daily rates at the hotel rose $12 to $139 during the fourth quarter, boosting hotel revenue.

Casino revenue fell mainly because of the fact that a high-roller slot player who lost about $1.7 million in the 2003 quarter did not gamble in the fourth quarter of last year, Bowen said.

The casino also lost more money to players at the tables in the fourth quarter than it did in the prior year's quarter, he said.

The fourth quarter is typically the slowest period for the resort and Las Vegas as a whole and business has picked up significantly so far in the first quarter, he said.

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