Revenues Grow for Tropicana, MGM
by Michael J. ShapiroFebruary 29, 2012
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The Tropicana Las Vegas Resort reported a year-over-year revenue gain of nearly 58 percent for 2011, according to a filing last week. Revenue from the property's F&B outlets soared by 102 percent, and casino revenues were up by one third. The resort wrapped up a $140 million renovation last year, and finished remodeling all of its 1,375 guest rooms, casino, restaurants and meeting space. Increased operating costs and expenses still led to a $39.2 million loss for the year, an 8.5 percent reduction over 2010's operating loss. Meanwhile, gaming giant MGM Resorts enjoyed a net revenue increase of 4 percent for the year, excluding the MGM China. Revenue per available room for MGM's Las Vegas Strip properties shot up by 13 percent year-over-year. According to MGM CFO Dan D'Ariggo, group business is on a very strong pace for the next three years, in terms of both rate and room nights booked.