Planet Hollywood reports bigger losses than last year
Planet Hollywood Resort saw lower revenue and bigger losses in the third quarter than the Strip property experienced a year earlier.
The hotel-casino posted revenue of $55.1 million in the quarter that ended Sept. 30. That’s down 20.5 percent from $69.3 million in the same quarter of 2008.
The company’s third-quarter loss grew to $17.5 million, up 63.6 percent from $10.7 million a year ago.
In the first nine months of 2009, Planet Hollywood took in $172.7 million in revenue, down 20 percent compared with $215.5 million in the first nine months of 2008. It lost $42 million from Jan. 1 to Sept. 30, up 26.9 percent from $33.1 million in losses in the same period a year ago.
Work also continues on the property’s 1,201-room PH Towers expansion, a joint venture with Westgate Resorts. The timeshare project is scheduled to open in December.
Planet Hollywood is privately owned, but must report its earnings to the Securities and Exchange Commission because of an $860 million term loan.
