PRNewswire LAS VEGAS Oct. 27 :
Hard Rock Hotel, Inc. (“Hard Rock”), which owns and operates the Hard Rock
Hotel & Casino in Las Vegas, Nevada, today reported that 3rd quarter net
revenues increased $3.5 million or 10% to $37.2 million compared with
$33.7 million in the year-earlier three-month period. Earnings before
interest, taxes, depreciation and amortization and loss on early
extinguishment of debt (“Adjusted EBITDA”) (1), increased $1.9 million or
24% to $9.8 million compared with $7.9 million in the year-earlier period.
Net income remained consistent at $1.9 million.
Quarterly net revenues improved due primarily to increased food and
beverage revenue and increased hotel revenue. Adjusted EBITDA increased
due to improvements in net operating profits in every department except
for retail, which remained constant.
Peter Morton, Hard Rock`s Chairman of the Board and Chief Executive
Officer, commenting on the quarterly results stated, “Our record 3rd
quarter Adjusted EBITDA performance was also the 2nd highest of any
quarter in the Company`s history. It was achieved through the
implementation of several new programs designed to stimulate revenues
while controlling costs in combination with the hard work of our
employees. The Company has never been in a better position both
financially and operationally.”