Thursday, Feb. 25, 2010 | 5:24 p.m.
The Hard Rock hotel-casino endured another quarter of declining room revenue during the final three months of 2009, even as it expanded with a new luxury tower and larger casino.
Property manager and co-owner Morgans Hotel Group Co. of New York today reported a fourth-quarter loss of $53 million or $1.78 per share, a deterioration from the loss of $39 million or $1.32 in the year-earlier period.
With the recession deterring travel to its 12 hotels in the United States and London, revenue fell from $74.7 million to $64.3 million.
"The global economic downturn has had a significant adverse impact on the hotel industry and it continues to be very difficult for Morgans to predict what will happen in the future, especially given the short term booking patterns and transient nature of the hotel business in addition to a still uncertain economic environment,’’ Morgans said in today’s report.
At the Las Vegas Hard Rock, occupancy was off 1.6 of a percentage point to 84.2 percent. The average daily rate tumbled 23.7 percent to $113.07 and revenue per available room fell 24.9 percent to $95.20.
During the quarter, the Hard Rock opened the 374-suite HRH Tower and its expanded casino. The property’s pool expansion is due to open in the second quarter.
The declining performance in Las Vegas was not unexpected given the recession.
MGM Mirage, for instance, last week said the average daily room rate at its Mandalay Bay resort on the Las Vegas Strip fell 23 percent to $153.
Arguably one the coolest joints in town, the Hard Rock Hotel & Casino houses some of Vegas' best entertainment, restaurants and nightlife.
At Hard Rock, it's all about the music. From the light fixtures made out of drum cymbals and guitar shaped door handles to stage costumes and tools of the trade of legendary musicians displayed on the walls, the hotel screams rock and roll. The Hard Rock's Joint has hosted some the biggest names in music — from The Who to Bob Dylan to hometown heroes, The Killers.
Aside from the music venues, the pool at the Hard Rock is one of its biggest attractions. Spread out over 4.7 acres, the pool area features swim-up blackjack, a bar and grill, private cabanas, a bevy of secluded nooks, a waterfall and an extensive live music venue with a dance floor. During the summer, the pool transforms into the Rehab club on Sunday afternoons.The resident nightclub Body English fuses European elegance with a rock star bachelor pad and it often a hot spot for visiting celebs and popular DJs. Vintage rock memorabilia lines the walls at Wasted Space, Hard Rock's anti-club.
Restaurants at Hard Rock are just as hip as the rest of the casino. Pink Taco serves up Mexican dishes, as well as a Central American and Caribbean menu. Nobu, one of five worldwide Japanese-specialty restaurants from famed Nobu Matsuhisa, satisfies a different taste. For round-the-clock cuisine, Mr. Lucky's 24/7, is sure to ease your appetite even after a Vegas-all-nighter.
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