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Hard Rock Hotel & Casino in Las Vegas Reports Record 3rd Quarter Results30 October 2000LAS VEGAS, Nevada – (Press Release) --Oct. 30, 2000 -- Hard Rock Hotel, Inc., (``Hard Rock'') which owns and operates the Hard Rock Hotel & Casino in Las Vegas, Nevada today reported quarterly net revenues and EBITDA of $29.6 million and $6.2 million for the quarter ended September 30, 2000. Hard Rock said third quarter net revenues increased 24% to $29.6 million from $23.9 million. Cash flow, or earnings before interest, taxes, depreciation, amortization and pre-opening (``EBITDA''), rose 94% to $6.2 million from $3.2 million. Net loss came to $1.0 million compared with a net loss of $3.8 million in the year-earlier period. Substantial increases in average daily rate were achieved in addition to a 67% increase in table games revenues, a 10% increase in slot machine revenues and a 30% increase in food and beverage revenues. Peter Morton, the Hard Rock's Chairman of the Board and Chief Executive Officer commenting on the quarterly results stated, ``We are very pleased with what has been another record quarter of revenues and earnings for our property. We are looking forward to the fourth quarter as we attempt to continue the performance of the past nine months. It will be an exciting time for us as we will commence renovations on our original tower later this month.'' |