LV Hilton posts first-quarter loss
The Las Vegas Hilton posted a first quarter loss of $2.1 million driven by a continued decline in revenues and an interest payment on debt, a Friday filing with the Securities and Exchange Commission shows.
The loss is a swing from the $3.1 million profit shown same time prior year.
Revenue declined 12 percent to $53.9 million from $60.4 million, and operating income dropped 80.6 percent to $1 million.
Quarterly casino revenue declined 17.4 percent to $19.6 million and room revenue declined 8.6 percent to $20.8 million. Food and beverage slipped 2.6 percent to $16.1 million.
The property made an interest payment of $3.1 million on its $249.5 million debt, which includes a $230 million term loan maturing in May 2011.
The property is 60 percent owned by Los Angeles-based real estate firm Colony Capital; Whitehall Street Real Estate Funds controls the rest.
Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.
