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155 EAST TROPICANA, LLC ANNOUNCES FOURTH QUARTER
AND FULL YEAR 2007 FINANCIAL RESULTS
Las Vegas, NV April 1, 2008 155 East Tropicana, LLC (the Company) today announced full year and fourth quarter operating results for the period ended December 31, 2007. The Company owns the Hooters Casino Hotel in Las Vegas, Nevada, which celebrated its grand opening on February 2, 2006.
Operating highlights of 155 East Tropicana, LLC for the full year and fourth quarter ended December 31, 2007, compared to the results of operations for 155 East Tropicana, LLC for the same periods in 2006, are as follows:
· Net loss for 2007 improved by $4.3 million from a loss of $18.4 million in 2006 to $14.1 million in 2007.
· Net revenues for the full year 2007 declined 3.0% to $65.0 million, compared to $66.7 million in 2006. Adjusted EBITDA(1) was $6.7 million for 2007, compared to $7.6 million for 2006. A substantial portion of the annual decline in revenues and Adjusted EBITDA(1) occurred in the fourth quarter of 2007.
· Net revenues for the fourth quarter of 2007 declined 12.0% to $14.8 million, compared to $16.8 million in the fourth quarter of 2006. Adjusted EBITDA(1) was $1.8 million in the fourth quarter 2007, compared to $2.4 million in the same quarter of 2006.
During the fourth quarter of 2007, we added key marketing programs to promote revenue, stated Mr. Gary Gregg, Chief Operating Officer. We also overhauled our operational expense structure, reorganized our management team, restaurant operations, staffing levels, benefit programs and other expenses. We feel confident that these improvements will better position us to reach our goals in 2008.
The following information was filed by 155 East Tropicana, Llc on Thursday, April 3, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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