Las Vegas-based Cannery Casino Resorts posted a smaller loss in 2011 on higher revenue, a new regulatory filing shows.
The annual report of a Cannery investor affiliated with Los Angeles-based Oaktree Capital Management, L.P. shows Cannery’s 2011 revenue of $529.7 million was up from $513.7 million a year earlier.
The net loss in 2011 of $12.4 million was down from $15.1 million in the 2010 period.
The Oaktree affiliate said business was steady in 2011 for the two hotel-casinos Cannery owns in the Las Vegas area: the Cannery in North Las Vegas and Eastside Cannery on Boulder Highway in Las Vegas.
Net revenue at the Rampart Casino at the JW Marriott Las Vegas Resort & Spa in Summerlin, however, fell $3.8 million because of lower customer spending per visit, the Cannery investor said.
Cannery Casino Resorts is being replaced as manager of the Rampart in Summerlin as part of a reorganization there.
Cannery’s 2011 revenue overall improved thanks to the addition of table games at its Meadows casino in Pennsylvania as well as $3 million in consulting fees received under an Indian gaming deal with California’s Jackson Rancheria of Mewuk Indians.
Fourth-quarter results were not broken out in the Oaktree affiliate’s annual report.
The Cannery investor cautioned that as the U.S. economy improves, “the recovery from this recession period is fragile and there can be no assurance that the company’s operations, which have been severely affected by the downturn, will soon, if ever, fully recover to prerecession levels.”