Aliante Station reports second quarter profit of $1.2 million
Aliante Station reported a modest second quarter profit on Tuesday as the hotel-casino in North Las Vegas posted gains in casino, restaurant and room revenues from the same period last year.
Aliante Station earned $1.2 million in the second quarter, compared with a loss of $3.7 million in the same period last year. Net revenue rose from $17.2 million to $18.7 million.
The 202-room property posted a 9.2 percent increase in casino revenue to $14.2 million, food and beverage revenue rose 7.4 percent to $3.6 million and room revenue jumped 8.2 percent to $1.6 million.
The hotel's occupancy was 94 percent in the second quarter, up from 89 percent last year. The average daily room rate was $80, equal to the second quarter of 2011.
The $662 million development opened in late 2008. It was sold to a collection of debt holders as part of the Station Casinos Inc. bankruptcy, but Station continued to manage the property. That management contract was terminated in November and is expected to be replaced by the end of 2012, according to an earnings filing with Securities and Exchange Commission.
"We anticipate the transition away from (Station Casinos) will require between $10 million and $14 million, which we intended to fund with cash on hand and with revenues from our operations," the company said.
Station Casinos' management fees were $400,000 in the second quarter, the company said.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
