Las Vegas Hilton posts $13.2 million net loss for 3rd quarter
The Las Vegas Hilton posted a net loss of $13.2 million for the third quarter ended Sept. 30 driven by continued sharp decreases in revenues, a filing with the Security and Exchange Commission shows.
Net revenues dropped 30.6 percent to $44 million in the quarter from $63.5 million for the same time last year. The quarterly net loss is an increase from the $6.2 million net loss posted the same quarter last year.
The company’s loss the first nine months of the y
ear was $20.7 million, a swing from the $3.8 million profit shown through September 2008. Nine-month revenues fell 32 percent to $149.3 million from $219.5 million.
The property has $235 million in long-term debt, $230 million of which matures in June 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.
