Las Vegas Hilton Goes Into Default
The iconic Las Vegas Hilton appears to be yet another casualty of the world economic crisis, reporting another quarterly loss and admitting it has skipped interest payments. The 2950-room property first opened its doors in 1969.
The financial numbers are staggering. The Las Vegas Hilton lost $8864 million in the second quarter vs. a loss of $9851 million in the second quarter last year. Casino revenues dove 9.1 percent over last year.
The Hilton table games win declined $800,000 while slots lost $1.2 million to gamblers.
That may be good for the gambler but not for the Hilton, which is just barely staying afloat.
The property is owned by Colony Resorts and has already been notified that Hilton Hotels Corp. will not be renewing its licensing agreement for the hotel to maintain the Hilton name.
On Tuesday, Colony Resorts LVH said it’s been in "discussions with other major hotel brands'' about a new name.
"The company may also reach a similar understanding with Hilton and sign a new license agreement," Colony Resorts LVH said in its earnings report.
The property had resolved a previous default from last year.
- Aaron Goldstein, Gambling911.com
