Record net income for the quarter ended September 30, 2005 also rose to $4.8 million compared to $3.4 million in the 3rd quarter of 2004.
Hard Rock Hotel, Inc., which owns and operates the Hard Rock Hotel & Casino in Las Vegas, Nevada, today, for the third consecutive quarter, reported all-time record quarterly net revenues and EBITDA(1). Record net income for the quarter ended September 30, 2005 also rose to $4.8 million compared to $3.4 million in the 3rd quarter of 2004. Quarterly Adjusted EBITDA of $12.6 million surpassed the 3rd quarter of 2004 by 20% or $2.1 million. Net revenues reached $46.5 million compared to $39.6 million in the year-earlier three-month period, an increase of $6.9 million, or 17%. These increases were due primarily to a 2.5 percentage point increase in table games hold percentage, a $0.9 million increase in Body English's revenue and a $23 increase in average daily rate in the hotel.
Peter Morton, Hard Rock's Chairman of the Board and Chief Executive Officer, commenting on the quarterly results stated, "We were especially pleased by our 3rd straight quarter of record operating results as well as the improved revenues in every department over the 3rd quarter of 2004."
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