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Las Vegas Hilton’s loss an improvement over last year
Friday, Aug. 13, 2010 | 3:48 p.m.
The Las Vegas Hilton lost $9.9 million in the second quarter, an improvement from a year ago as net revenue rose because of the timing of conventions.
The property's owner, an investment company led by Colony Capital LLC of Los Angeles, said in a regulatory filing Friday that net revenue of $47.5 million was up from $45.5 million in 2009's second quarter.
The property lost $10.6 million in the year-ago period.
The 2,950-room property said its profit rose thanks to higher hotel room and food and beverage revenue.
Without breaking out room rates, the Hilton said it booked room revenue of $19.4 million in the most recent quarter, an increase of $2.1 million from the 2009 quarter.
The Hilton cited a $6 increase in the average daily room rate and approximately 11,000 additional rented room nights for the quarter vs. the 2009 quarter.
The company, which is adjacent to the Las Vegas Convention Center, said the convention calendar in the 2010 quarter was favorable compared to 2009's convention schedule.
Food and beverage revenue of $15.7 million was up 11.8 percent from the 2009 quarter.
But casino revenue decreased $1.5 million, or 8.8 percent, to $15.6 million on a year-over-year basis.
Table game win rose about $100,000, but the slot win was off $1 million and the race and sportsbook won about $600,000 less.
The company reported a lower drop, or level of play, at its slot machines.
"The decrease in volume is due to the general economic downturn and fierce competition," the Hilton said in Friday's filing.
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Harrah's is worth $7 Billion and has $19+ Billion in debt. John Paulson, a major investor, and king of short-sellers, is already bailing out. On top of that, they bought Planet Hollywood, a property that has always lost money. But Loveman is supposed to be a genius--go figure.
T.S.
The Great Ruins of Las Vegas Tour (on Facebook)
This story reminds me of..wait a minute...ALL of the other strories regarding casino losses. Boo Hoo!! The casinos could improve their positions if they brought back the value to gambling vacations here!!
The new "good news" in Las Vegas, we lost less this time than last time. Not a very encouraging sign for jobs and tax revenue. It seems like many more jobs are going to be lost before harry Reid gets tossed out for this disaster.
You people are all so depressing, a bunch of doom and gloom merchants. Why so much anger for las Vegas. This is a sign that things are slowly but painfully getting better in what was a GLOBAL recession not just Vegas. Things will come back I assure you Vegas will return and you all better get out there and become a part of it or will be left behind with nothing but negative empty sentiment. This town has survived the worse.
Voicemail;
Don't try to bring facts into the ongoing slagging of the casinos by the complainers on these boards. By admitting the economy is faltering across the board removes their argument that the casinos losses are based on their inability to give stuff away for cheap/free. You should know better.
How long can this go on?
It's like a kid coming home from school saying, "Look Mom, I only lost 90% of my lunch money today, instead of the whole thing..."
Now this same genius is in charge of a casino in Vegas...
Thank goodness Paris Hilton isn't running this resort.
Of course not, info4you2see, the heiress is surely aiming at running the "Paris" hotel/casino resort one day...:)
LMFAO - when imagining Paris Hilton to buy the "Paris" from Harrah's, ...lol, so she could be the third one in the row Trump, Wynn, Paris, ...hehehehehehe, lol, lol, mega-LOL...
Paris Hilton at The Paris ...lol, hehehehehehe
The good news is that the public is most often wrong. So these dopes calling for the end of Las Vegas is good.
I'm a doom and gloomer--there isn't going to be a recovery. People are in too much debt. Half the people are still trying to pay off their credit cards and the other half are getting into huge toxic debt with student loans. There is now ONE TRILLION DOLLARS in outstanding student loan debt, half of which is in deferment or default. There is as much student loan debt outstanding as credit card debt, and student loan debt is MUCH MORE TOXIC and COLLECTIBLE than credit card debt. VOicemail, haven't you been following the controversy over for-profit schools?
... so one fine day, after Paris Hilton, the heiress, might have bought the "Paris" from Harrah's, ...lol, she might rename "The Paris" to "The Paris/Hilton"... heheheheh... LMAO.
The Hiton Family have nothing to do with the hotel on Paradise. Colony Capitol just pays royalties for the use of the name. If they ever lost that rental of the name this hotel would go under. The current management terrorizes the staff and the building is falling apart at the seams. They have a dilema, it cant be imploded because of all the asbestos used inside it to construct and insulate it. The roof leaks during any kind of rain. Go count the buckets and trash cans put out during a rain. It has had times of success but that is long gone. A very sad place indeed.
@allaroundtown: I know, that Paris Hilton has also nothing to do with "The Paris". I was just thinking about Paris Hilton, the heiress, might have bought the "Paris" from Harrah's and renamed "The Paris" to "The Paris/Hilton".
But at first the heiress should take some lessons at the Harrah's casino/hotel business school and get a 2-years education from Elaine Wynn in how to successfully run a resort/hotel/casino like The Wynn/Encore, how to improve Las Vegas shelters/schools, how to show some common sense, how to donate to people in need et al:
http://www.lasvegassun.com/news/2009/dec...
http://www.lasvegassun.com/news/2009/oct...
http://www.lasvegassun.com/news/2010/jan...
Paris:
http://www.people.com/people/article/0,,...
Good one. LOL.
Another property where F&B revenue is greater than casino revenue. That is NOT a good sign....
They took the poker room out and I have never been back. I do miss the sportsbook.
Hilton Hotels SUCK! Went to Hilton Atlantic City 3 times this year and was the worst hotel experience ever. Hiltons need to go out of business!