SEARCH NEWS:

 

Hard Rock Hotel & Casino Reports Q1 Results

Hard Rock said first quarter table games drop increased 17% to $71.7 million from $61.3 million. However, a lower table games hold percentage in the current year period was a primary factor in net revenues decreasing 2% to $30.9 million from $31.4 million. A decrease in the table games hold percentage caused a reduction in net revenues of $3.3 million from the prior year period. Had the table games hold percentage remained at the level of the prior year period, net revenues would have increased to approximately $34.2 million, an increase of $2.8 million or 9%.

Cash flow, or earnings before interest, taxes, depreciation, amortization and other non-operating items (``EBITDA''), decreased 16% to $8.4 million from $10.0 million. Net income came to $1.2 million compared with $2.4 million in the year-earlier period.

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 the 1st quarter's operating results. The 17% increase in table games drop, 13% increase in the hotel's average daily room rate and 26% increase in food and beverage revenues are very encouraging especially in light of the challenges the economy has faced this last quarter.''

< Gaming News