Hard Rock Vegas Reports Record Revenues

21st Jul 2004

Hard Rock Hotel, which owns and operates the Hard Rock Hotel & Casino in Las Vegas, Nevada,
today reported 2nd quarter net revenues increased $6.2 million, or 18%, to
a Company record of $41.2 million compared to $35.0 million in the
year-earlier three-month period. The Company also announced all time
record quarterly Adjusted EBITDA(1) of $11.1 million compared to $8.9
million in the comparable prior year period, a $2.2 million, or 24%,
increase. Net income increased $2.7 million to $0.7 million compared to a
net loss of $2.0 million in the 2nd quarter of 2003. Quarterly net revenues improved in every department except for retail
sales. Casino revenue increased primarily due to the table games hold
percentage increasing 3.0 percentage points to 15.6% compared to 12.6% in
the year-earlier period. Lodging revenues increased primarily due to a $28
increase in average daily rate (“ADR”). Net income also increased due to
the quarter ended June 30, 2003 having a $4.3 million early extinguishment
of debt charge, which was offset partially by a loss on disposal of assets
charge of $2.6 million in the current quarter.

Peter Morton, Hard Rock’s Chairman of the Board and Chief Executive
Officer, commenting on the quarterly results stated, “I am once again
thrilled with another record quarter’s operating results. I feel that our
position in the marketplace is as strong as ever. We continue to improve
amenities to maintain this position such as our new nightclub, Body
English, which had a successful opening over the Memorial Day weekend.”


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