Las Vegas Sun

September 21, 2019

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Las Vegas Hilton’s loss an improvement over last year

The Las Vegas Hilton lost $9.9 million in the second quarter, an improvement from a year ago as net revenue rose because of the timing of conventions.

The property's owner, an investment company led by Colony Capital LLC of Los Angeles, said in a regulatory filing Friday that net revenue of $47.5 million was up from $45.5 million in 2009's second quarter.

The property lost $10.6 million in the year-ago period.

The 2,950-room property said its profit rose thanks to higher hotel room and food and beverage revenue.

Without breaking out room rates, the Hilton said it booked room revenue of $19.4 million in the most recent quarter, an increase of $2.1 million from the 2009 quarter.

The Hilton cited a $6 increase in the average daily room rate and approximately 11,000 additional rented room nights for the quarter vs. the 2009 quarter.

The company, which is adjacent to the Las Vegas Convention Center, said the convention calendar in the 2010 quarter was favorable compared to 2009's convention schedule.

Food and beverage revenue of $15.7 million was up 11.8 percent from the 2009 quarter.

But casino revenue decreased $1.5 million, or 8.8 percent, to $15.6 million on a year-over-year basis.

Table game win rose about $100,000, but the slot win was off $1 million and the race and sportsbook won about $600,000 less.

The company reported a lower drop, or level of play, at its slot machines.

"The decrease in volume is due to the general economic downturn and fierce competition," the Hilton said in Friday's filing.

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