Las Vegas Hilton posts net income of $3 million
Bucking the trend of other area gaming companies posting losses, the Las Vegas Hilton posted net income of $3 million for the first quarter ended March 31, a Thursday filing with the Securities and Exchange Commission shows.
While the income was a 54.3 percent drop from the $6.6 million posted the first quarter last year, the property’s relatively low interest expense of $2.2 million on a $250 million loan allowed the property to post a gain despite sharp declines in revenue.
Net revenues dropped 25.5 percent to $60.1 million in the quarter from $80.6 million last year. The decrease was driven by a 11.3 percent decrease in casino revenues, a 34.5 percent decrease in hotel revenues, and 23.3 percent decrease in food and beverage revenues.
The property cut costs by 21.2 percent in the quarter.
The Las Vegas Hilton is controlled by Los Angeles-based real estate firm Colony Capital, with Goldman Sachs affiliate Whitehall Street Real Estate Funds holding 40 percent interest.
Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.
