Hard Rock Revenues Up

21 Jul 2004

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 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."

Language: Any Language Location: Currency: > edit my preferences Home Online Slots Live Dealer Games Online Casinos Online Poker Online Bingo Games Lotteries Sports & Racebooks Fantasy Sports Forex Betting Exchanges Spread Betting Binary Options Exclusive Bonuses Weekly Newsletter Online Gaming News Payment Methods Gaming Software Gaming Site Owners Gaming Jurisdictions		Bonuses! New games! Gossip! And all the player news you can handle. Sign up NOW! View the current issue
	Hard Rock Revenues Up 21 Jul 2004 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 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."