Wednesday, March 31, 2010 | 3:30 p.m.
The owner of the 2,950-room Las Vegas Hilton hotel-casino on Paradise Road today disclosed it lost money during the fourth quarter as conventions attracted fewer business people to Las Vegas.
The Hilton, controlled by investment company Colony Capital of Los Angeles and other investors, said in its annual report today it lost $8.223 million in the fourth quarter vs. $4.288 million lost in the fourth quarter of 2008.
Fourth quarter net revenue fell from $60.9 million in 2008 to $50.234 million.
With the Hilton dependent to some extent on the convention trade – it’s located next to the Las Vegas Convention Center – the property has seen quarterly revenue tumble 37 percent from a three-year high of $80.6 million in the first quarter of 2008.
The hotel reported an average daily room rate of $86 in 2009, down from $125 in 2008. Room revenue during 2009 was down 37 percent to $73.2 million.
The Hilton said that besides weaker room rates, occupancy was down too, especially in the convention segment.