Hard Rock Reports Profit
LAS VEGAS – (PRESS RELEASE) -- Hard Rock Hotel, Inc. ("Hard Rock"), which owns and operates the Hard Rock Hotel & Casino in Las Vegas, Nevada, today reported all-time record quarterly net revenues, EBITDA (1) and net income. Net income rose to $4.4 million compared to a net loss of $1.3 million in the 1st quarter of 2004. Quarterly EBITDA of $12.2 million surpassed the 1st quarter of 2004 by 88% or $5.7 million. These robust increases were due primarily to improved table games and banquet operating results and a full quarter of Body English's nightclub operations in the current year period. Net revenues reached $42.3 million compared to $34.5 million in the year-earlier three-month period, an increase of $7.8 million, or 23%.
Peter Morton, Hard Rock's Chairman of the Board and Chief Executive Officer, commenting on the quarterly results stated, "Body English's nightclub operations have surpassed all expectations and have heightened the Hard Rock's reputation as the hippest casino in Las Vegas. We are primed for expansion and are enthusiastic about the development of the adjoining 24 acres."
