MontBleu’s owners post quarterly profit
By Steve Green, Las Vegas Sun
Hotel-casino operator Tropicana Entertainment Inc. of Las Vegas on Wednesday posted a third quarter profit, even as its Nevada properties continued to struggle through the recession.
Tropicana Entertainment, which has two properties in Laughlin and one in Lake Tahoe, among other properties around the country, said it earned $14.9 million in the quarter ended Sept. 30 vs. a profit in the year-ago quarter of $1.5 million.
Net revenue of $175.4 million was down from $176.15 million.
The profit increased as operating costs fell from $161 million to $148 million.
The company, controlled by investor Carl Icahn, said its Nevada properties generated net revenue in the quarter of $33.2 million, down from $34.7 million in the 2010 quarter.
The company’s Nevada properties are the Tropicana Laughlin, River Palms in Laughlin and the MontBleu in Lake Tahoe. (The Las Vegas Tropicana is owned by a different investor group).
Revenue down $1M with costs down $13M. It would be interesting to know where they saved the money. Did they just lay off people or actually find real cost savings?