Las Vegas continues decline

Las Vegas Hilton, Riviera post quarterly losses
By Steve Green

The recession and the over-supply of hotel rooms in Las Vegas continued to punish the Las Vegas Hilton and the nearby Riviera Las Vegas hotel-casinos during the fourth quarter, newly-filed financial reports show.

Bankrupt Riviera Holdings Corp., owner of the Rivieras in Las Vegas and Black Hawk, Colo., said in its annual report this week that the 2,075-room Riviera Las Vegas generated net revenue of $79 million in 2010, down from $92 million in 2009.

In Las Vegas, casino revenue for the year ... fell 14.3 percent while room revenue ... fell 5.9 percent. The average daily room rate fell 5.9 percent to $57.01. Occupancy, however, was nearly 81 percent, an improvement from 77.4 percent a year earlier.

The Hilton, with 2,650 rooms and 300 suites, said its hotel revenue remained steady from 2009 to 2010 ...

"In 2010, table games revenue decreased approximately 19.6 percent and slot revenue decreased approximately 16.4 percent compared to revenues in 2009.....