VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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IN BUSINESS TOURISM CASINO REVENUE SLIDE LEADS TO HILTON’S FIRST-QUARTER LOSS By Steve Green senior staff writer The Las Vegas Hilton said business picked up during the first quarter at its hotel, but it posted another loss in its casino business. Colony Resorts LVH Acquisitions LLC, owner of the 2,950-room Paradise Road TOURISM CAESARS NAMES EXECUTIVE FOR NONGAMING DEVELOPMENT VEGAS INC Staff Caesars Entertainment Corp. said Alexander Mirza has been named head of Caesars Hospitality Ventures and will also head Caesars Global Life. Caesars Global Life is a new unit to develop nongaming luxury hotels, restaurants and other lifestyle amenities in resort destinations around the world. Caesars said most of the developments will revolve around licensing, franchising and management agreements. For instance, in March it announced a partnership with restaurateur Nobu Matsuhisa to develop a Nobu hotel and restaurant at Caesars Palace. The Global Life unit is expected to continue to expand beyond the Caesars brand to include the development of boutiques and lifestyle brands on Caesars Entertainment-owned real estate in Las Vegas and Atlantic City. For example, Caesars recently announced it is opening four new restaurant concepts operated by BR Guest Hospitality, including Bill’s Bar & Burger, Dos Caminos, Atlantic Grill and a casual restaurant featuring celebrity chef Sam DeMarco. Caesars said the primary objective of the new unit is to expand the company’s presence overseas, especially in Asia and Latin America, where it says Caesars is widely recognized for its luxury brand. In his roles, Mirza will oversee hotel, restaurant, bar, and nightlife development for the company, as well as international hotel management and licensing. Mirza was formerly a partner in Accenture’s Travel practice, senior vice president of corporate development at Hilton Hotels Corp. and vice president of strategic planning at Starwood Hotels and Resorts. | 16 MAY 2011 | CNB.60NV_Core 2Q11_VGSInc.R_Ad “ City National is a big part of my financial life .” – Ben Schonbrun Attorney property, said it lost $3.3 million in the quarter March 31, a deterioration from the $2 million lost in the same quarter of 2010. Net revenue of $52 million was down from $54 million. Room revenue, the biggest part of the property’s business, rose from $20.8 million to $23.5 million as the average daily rate increased. The average rate for the quarter was not disclosed. Food and beverage revenue rose from $16 million to $17 million as the hotel catered to more convention guests during the quarter. But casino revenue tumbled 24.6 percent from $19.6 million to $14.8 million as gamblers played lucky on table games, while activity on the slot machines and at the sports book slowed down. Experience the Diff erence As a City National Preferred Banking client, you will benefi t from a banking experience customized for you. ■ Dedicated Preferred Banking Advisor backed by a team of experts ■ Access to award-winning wealth management solutions ■ ■ ■ Preferred rates and fee reductions1 Discount on a Total Line of Credit2 No ATM fees3 Transition Guarantee 30-Day Receive a $250 City National Visa® Gift Card if the transition is not easy and seamless.4 Experience a better banking relationship today. Call us at (702) 425-5325 or visit cnb.com/relationship. 1 Please ask your Preferred Banking Advisor for details. 2 Rate discount not applicable to all loan features. Ask for details. Total Line of Credit must be secured by a fi rst or second lien on an owner-occupied 1-4 family residential property (excluding mobile homes) in California, Connecticut, New Jersey, Nevada, or New York. Available for co-ops in the New York City boroughs of Manhattan and Brooklyn only. 3 City National will waive its fee for ATM withdrawals at non-City National Bank machines. City National will not assess reasonable ATM surcharges from other bank ATM providers worldwide. Th e International Transaction Fee is not a surcharge and is not included in the waiver of surcharges. 4 Off er expires 6/17/11. Non-deposit Investment Products: ■ are not FDIC insured Past performance is not an indication of future results. ■ are not Bank guaranteed ■ may lose value ©2011 City National Bank Member FDIC 15 PROJECT MANAGER: BURCHMAN, S. ID#: 2746.01 DATE: APRIL 27, 2011 1:13 PM