Aliante Sees Revenue Growth in Third Quarter
Although many casinos are posting quarterly losses, a number of casinos have been able to see an increase in the overall revenue that they have been able to generate. Among these casinos is the Aliante hotel-casino, which is located in northern Las Vegas. The company stated today that both the casino and hotel room revenue improved during the third quarter of the year. The finances for the company were able to remain steady from where they were a year ago, which was able to beat a number of the forecast that were laid out by analysts early in the year.
The company also stated a net revenue of $17.9 million. This was up a total of 5.6% over last year during the same quarter. Although the quarterly loss that the company reported was $115,000, their total loss a year ago during this time was $156,000 a year ago. Aliante is a casino that came from the Station Casinos bankruptcy that went through just last year. The company also installed a number of new managers as per the contract that was reached with Station, after the contract for the property expired.
In number of different casinos throughout the Las Vegas area have reported down numbers this quarter. Many casinos have actually seen a large decline in revenue during the third quarter. However the Aliante, a small, 200 room hotel reported that their revenue year-over-year had grown from $12.8 million to a total of $13.8 million. This represents a total of 4.9% improvement in the overall revenue for the company, and 15.3% gain in table games revenue, as well as a 5% gain in slot machine revenue.
The total hotel room revenue reported by the company increased by a total of $100,000 to $1.56 million overall. Occupancy in the hotel was quite higher than other hotels in the Las Vegas area, finishing at a total of 89%. The average daily room rate move from $74-$82 over the course of the last year. Food and beverage revenue for the company held steady over the course of the last year, at almost $3.3 million overall. All of the figures that have been reported cover the quarter that ended on September 30, when the casino was still under Station management. It remains to be seen what kind of changes can be expected for the casino in the future now that it has come under new management. The investors that are now in ownership of the casino have been offering a wide range of new promotions, entertainment and dining options to their loyal visitors. They have also revised a player loyalty program that they hope will help to maintain their player base and also help them to grow their revenue overall moving forward.
Although many companies have been struggling during this year to find their footing in Las Vegas, it appears that smaller venues such as the Aliante have been able to hold their revenue steady, and even see large gains in revenue in some areas. Although their costs have gone up slightly, the increase in revenue can only be a good thing for the growing company under new management.