LAS VEGAS
The bad combination of competition and the loss of its Hilton franchise appears to be hitting the LVH—Las Vegas Hotel & Casino—hard, according to the Las Vegas Sun.
The 2,950-room property, formerly called the Las Vegas Hilton, lost $5.3 million during the four months ended May 31—more than four times the $1.2 million loss that had been budgeted for, according to records. The loss came as net revenue for that period totaled $50.1 million, $5.4 million less than what was projected.
With business slumping, an undisclosed number of LVH employees have been laid off in recent weeks, though it's unclear how many of the job cuts are considered seasonal because of the usual summer slowdown.
After defaulting on its $252 million mortgage during the recession, the property was hit with foreclosure proceedings last year by lender and LVH investor Goldman Sachs. It also lost its Hilton franchise for undisclosed reasons. For reasons that also haven't been disclosed, Goldman Sachs has yet to foreclose on the property.
