Revenues lag, loss higher than expected at LVH so far in 2012
LAS VEGAS REVIEW-JOURNAL
Posted: Jul. 28, 2012
The LVH -- Las Vegas Hotel & Casino is falling short of a business plan that had already forecast a tough year.
For the five months through June 30, receiver Ronald Johnson reported revenues of $62.1 million, 9.2 percent below budget. The operating loss before interest, taxes, depreciation and amortization ran $6.3 million, more than double the expected $2.6 million.
LVH began slashing a number of expense categories in June, including maintenance, supplies, marketing and entertainment. As a result, the operating loss of $1.35 million was only 4.8 percent worse than budget.
According to Johnson's monthly report, room sales by outside brokers and package deals ran better than projected. But continuing weakness among individual tourists and the convention trade meant overall occupancy was lower than expected.
Meanwhile, Johnson said he had "adjusted" staffing to reflect slower convention business as well as declining patronage at some food outlets. He did not give specifics.
The LVH is the former Las Vegas Hilton. The receiver was appointed after the previous ownership defaulted.
http://www.lvrj.com/business/revenues-lag-loss-higher-than-expected-at-lvh-so-far-in-2012-164117436.html
For the five months through June 30, receiver Ronald Johnson reported revenues of $62.1 million, 9.2 percent below budget. The operating loss before interest, taxes, depreciation and amortization ran $6.3 million, more than double the expected $2.6 million.
LVH began slashing a number of expense categories in June, including maintenance, supplies, marketing and entertainment. As a result, the operating loss of $1.35 million was only 4.8 percent worse than budget.
According to Johnson's monthly report, room sales by outside brokers and package deals ran better than projected. But continuing weakness among individual tourists and the convention trade meant overall occupancy was lower than expected.
Meanwhile, Johnson said he had "adjusted" staffing to reflect slower convention business as well as declining patronage at some food outlets. He did not give specifics.
The LVH is the former Las Vegas Hilton. The receiver was appointed after the previous ownership defaulted.
http://www.lvrj.com/business/revenues-lag-loss-higher-than-expected-at-lvh-so-far-in-2012-164117436.html
The Hilton Hotel Las Vegas is not only one of the largest casino hotels in Las Vegas. It is also the largest Hilton in the world. It is located on 80,000 acres of land, and has a 100,000-square-foot casino. Additionally, the Hilton Hotel Las Vegas has the largest Vegas Sports Book. The sign that is located in front of the Hilton Hotel Las Vegas is the largest free standing sign in the world. Given its location adjacent to the Las Vegas Convention Center, as well as its own convention center within the hotel itself, the Hilton Hotel Las Vegas is a popular lodging destination for convention attendees.
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