First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period.
RevPAR for all managed hotels in the first quarter declined 19.1 percent to $74.25. Average daily rate (ADR) was $123.01, down 9.8 percent, and occupancy fell 10.3 percent to 60.4 percent.
Net revenues for the first quarter of 2009 were $740.0 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenues at Wynn Macau.
RevPAR for System-Wide Comparable Hotels decreased 36.0% in constant dollars in the first quarter from the comparable period in 2008.
Net revenue decreased 20% to $1.5 billion in the first quarter of 2009.
For the first quarter ended March 31, 2009, the company reported a net loss of $(5.6) million, or $(0.18) per diluted share, compared to a net loss of $(2.3) million, or $(0.08) per diluted share for the same period a year earlier.
RevPAR: The Company’s same-store RevPAR decreased 16.5 percent compared to the same period in 2008.
Franchising revenues declined 14%
Worldwide System-wide REVPAR for Same-Store Hotels decreased 23.5% (down 19.2% in constant dollars) compared to the first quarter of 2008. System-wide REVPAR for Same-Store Hotels in North America decreased 22.8% (down 21.0% in constant dollars).
First quarter 2009 adjusted net income was $74 million, or $0.41 diluted earnings per share (EPS), compared with adjusted net income of $62 million, or $0.35 diluted EPS, for the first quarter of 2008.