Earnings decline in first quarter

Hard Rock Hotel Inc. of Las Vegas reported declines in revenues, cash flow and net income for the quarter ending March 31.

The company reported net income of $1.2 million, down from $2.4 million in the year-ago quarter. Net revenue declined 1.6 percent to $30.9 million, while cash flow fell 16 percent to $8.4 million.

Hard Rock blamed the decline on below-normal table game hold, which negated a 17 percent increase in table game drop. Had hold been normal, Hard Rock said it would have reported $34.2 million in net revenues, a 9 percent increase over the year-ago period.

Casino revenues fell 18 percent to $12.6 million, while retail revenues were off 7 percent to $2.3 million. But food and beverage revenue surged ahead 26 percent to $9.9 million, and lodging revenue was up 7 percent to $7.2 million. Average daily room rates were up 13 percent during the quarter, the company said.

Hard Rock is the owner and operator of the Hard Rock hotel-casino near the Las Vegas Strip.

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