The Tropicana Las Vegas reports $5.9 million second-quarter loss
The Tropicana Las Vegas Tuesday reported a $5.9 million loss in the second quarter, less than a week after the hotel-casino named a new president and chief operating officer.
The Strip property, which will open a new nightclub, beach club and restaurants next month, said the quarterly loss was an improvement from the $9.4 million loss in the same period last year. The company attributed the smaller loss to a modest increase in year-over-year net revenue from $24.4 million to $25.4 million.
"Although there has been a slight increase in visitor volume to the Las Vegas market in the recent year, consumer spending continues to remain low," the company said in its quarterly earnings report filed with the Securities and Exchange Commission.
The hotel also attributed its loss to lower corporate spending on conventions due to the current global economic conditions.
The 1,375-room property said casino revenue in the second quarter was $10.2 million, compared to $9.6 million in the same period last year. Food and beverage revenue was $6.5 million, a decline from $7.5 million in the second quarter of 2011.
Hotel room occupancy was 93 percent, while the average daily room rate jumped from $66 to $79, the company said.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
