Friday, March 13, 2009 | 3:44 p.m.
Hard Rock Hotel and Casino posted a yearly net loss of $282.3 million for 2008, according to a 10-K Security and Exchange Commission form filed today.
Net operating revenues fell 11.9 percent in 2008 to $164.3 million compared to $186.5 million for the year ending Dec. 31, 2007. The company said the $22.1 million decrease in revenues was due to declines across the board in gaming, food and beverage, lodging and retail at the property.
Hard Rock Hotel management said the declines were attributed to falling visitation numbers in Las Vegas and parking lot surface space lost in the company’s $750 expansion project, including the new Joint, hotel towers and convention space.
The two new towers will increase the Hard Rock’s guest room total from 650 to 1,525. The expansion project, which began in 2007, will be completed later this year, with the 374-room South Tower as the final piece to open.
Hard Rock Hotel is a joint venture with New York-based hotel company Morgans Hotel Group. Morgans has a 21 percent ownership interest in the Hard Rock. Last month, Morgans reported a fourth-quarter loss of $34.5 million compared with a loss of $6.1 million compared to the same period in 2007.