|By Steve Green, Las Vegas
SunMcClatchy-Tribune Regional News
Feb. 23, 2012--The Tropicana Las Vegas hotel-casino says its revenue soared during the fourth quarter of 2011 on a year-to-year basis, but higher expenses resulted in a loss for the period.
The company, in a regulatory filing Wednesday, said net revenue in the quarter of $20.27 million was up from $14.22 million in the year-ago quarter.
The 2011 quarter's net loss of $11 million was down from the year-ago period's loss of $11.4 million.
With the reopening of 1,375 rooms and suites after remodeling and the opening of restaurants and clubs, business picked up but expenses increased for casino, room and food and beverage operations, and for depreciation and amortization.
The Tropicana, in its filing, said a $147 million capital improvement project that began in July 2009 had been completed and that it helped drive a 33 percent increase in casino revenue in 2011 along with a 96 percent increase in food and beverage revenue thanks to the opening of restaurants and clubs.
Room revenue increased 60 percent last year as more rooms were in service, occupancy improved and the average daily room rate increased from $55 to $69.
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