Tom Barrack‘s Colony C[r]apital may be running yet another casino into the ground. The Las Vegas Hilton reported earnings late today, swinging $5 million year/year from a profit to a loss. Food and beverage sales were steady but hotel rooms brought in 9% less. Throw in dreadful performance (-17%) by the casino floor and you’ve got the makings of a $6.5 million (-11%) net revenue declivity. Given Barrack’s tendency to overleverage his casino properties, this is a extremely worrisome portent for The House That Kirk Built.
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The Las Vegas Hilton was always boring. When Star Trek left, the last fun of the place left as well. Quork’s bar should have had sexier star trek-alien waitstaff–it didn’t, and the food was just o.k.
So what’s left there? No big headliner at the moment, and an unexciting casino. Unless you are at a convention in the connecting areas, no great reason for the average tourist to visit.
Unless you use the monorail, not so easy to get to, either.
City Center will kill a lot of the older strip, starting with old casinos like this one.
Vegas was a lot sillier and more fun 10 years ago.
The Hilton has a few things going for it — proxmity to the Las Vegas Convention Center, spacious grounds and is part of Hilton’s loyalty program. My guess is that the Hilton has been hurt more than any other property by the soft convention market. The last time I was in Las Vegas the full pay video poker at the Hilton was enough to bring me in. The sports book is also still one of the most impressive in the casino universe. I think the Hilton would be a winner again with just a little creativity and updating.