Friday, Nov. 13, 2009 | 3:35 p.m.
Noting reduced business volumes and fierce competition, the owner of the Las Vegas Hilton hotel-casino reported Friday that its third quarter loss widened as revenue tumbled.
Colony Resorts LVH Acquisitions LLC said it lost $13.2 million in the third quarter vs. the $6.2 million lost in 2008's third quarter. Net revenue of $44 million was down from $63.5 million.
With convention attendance down 27 percent in Las Vegas in 2009 through September, the Hilton enjoyed less activity from the adjacent Las Vegas Convention Center.
The 2,950-room Hilton on Paradise Road said room revenue was down 38 percent, casino revenue was off 17 percent and its food and beverage take fell nearly 21 percent.
"The decrease in volume is due to the general economic downturn and fierce competition," the Hilton commented regarding the decline in casino revenue, to $18 million.
Unlike some of its struggling competitors, the Hilton isn't in financial distress thanks to the resources of its deep-pocketed owners including affiliates of Colony Capital and Goldman Sachs.
The owners pumped $4.5 million in additional equity into the property during the fourth quarter, Colony Resorts LVH disclosed.
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