Hard Rock Hotel & Casino in Las Vegas Reports EBITDA Up 3rd Year in a Row With 4th Quarter EBITDA Up 52%

LAS VEGAS, March 6 /PRNewswire/ — Hard Rock Hotel, Inc. (Hard Rock), which owns and operates the Hard Rock Hotel & Casino in Las Vegas, Nevada, today reported cash flow, or earnings before interest, taxes, depreciation, amortization and other non-operating items (EBITDA), of $30.1 million and $6.3 million for the year and quarter ended December 31, 2001, respectively.
Hard Rock said 4th quarter EBITDA rose 52% to $6.3 million from $4.1 million in the prior year period despite the tragic events of September 11 and cyclical economic challenges faced during the 4th quarter of 2001. EBITDA for the year rose 6% to $30.1 million from $28.3 million.
Increases in casino volume and hotel occupancy rates were offset partially by reductions in casino hold percentages and average daily hotel rates during the 4th quarter resulting in increased net revenues of $27.8 million compared to $27.4 million in the year-earlier period. Annual net revenues increased slightly to $120.2 million from $119.8 million in the prior year.
Hard Rock reduced its 4th quarter net loss to $0.1 million from $3.1 million in the prior year period due to reductions in casino, food and beverage, marketing, general and administrative and interest expenses. Net income for 2001 was $2.8 million compared to a net loss of $0.9 million in the year ended December 31, 2000.
Peter Morton, Hard Rock's Chairman of the Board and Chief Executive Officer commenting on the quarterly results stated, We have proven that the Hard Rock Hotel and Casino with its operational strengths and its loyal customers is more resilient than most other Las Vegas gaming properties operating under recent adverse market conditions. We are extremely pleased with what has been another fantastic quarter of operations and are looking forward to a strong 2002 led by our new President and Chief Operating Officer, Don Marrandino.