The Tropicana in Las Vegas posted a smaller quarterly loss Tuesday as business continued to pick up thanks to the completion of remodeling jobs.
Tropicana Las Vegas Hotel and Casino Inc. said that for the quarter ended Sept. 30, it lost $10.83 million vs. a loss in 2010’s third quarter of $11.284 million.
Net revenue grew from about $13 million to just more than $24 million.
With its property on the Las Vegas Strip having 1,375 remodeled hotel rooms and suites, Tropicana Las Vegas said room revenue in 2011’s third quarter came in at $9.2 million, up from $5.2 million.
The average daily room rate increased from $56 to $70 and, with more rooms available after remodeling, occupancy increased from 83 percent to 92 percent, the company said.
Casino revenue increased $2.9 million to $8.9 million, with slot machine activity picking up after the casino floor was refurbished and slots were added.
Food and beverage revenue jumped from $3.2 million to $7.6 million thanks to the opening of Cafe Nikki in December 2010, South Beach Marketplace in April 2011 and Club Nikki and Nikki Beach in May 2011.
In all, Tropicana budgeted $141.6 million for its remodeling and refurbishment campaign that began in July 2009. Most of the work has now been completed.
Tropicana noted in its report that because of disputes with Nikki Beach Las Vegas LLC and Penrod Management Group Inc., operators of Club Nikki and Nikki Beach nightclub and beach club, it terminated their management agreement Sept. 23 and took over operations at the clubs.
Tropicana is renaming Club Nikki as RPM Nightclub beginning Dec. 30.
Tropicana also noted in the report it’s supportive of a bankruptcy reorganization plan proposed for the owner of the Las Vegas Mob Experience, a tenant at the resort.
Under the plan, the Tropicana is making concessions in the Mob Experience lease to help keep the attraction afloat.