Morgans Hotel Group (MHGC) Reports Smaller Q2 Loss, Comments on FY Outlook
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Morgans Hotel Group Co. (Nasdaq: MHGC) reports a Q2 loss of $0.02, 3 cents better than the analyst estimate of ($0.05). Revenues for the quarter were $81.32 million, versus the consensus of $85.86 million.
MHGC is reaffirming its Adjusted EBITDA outlook for 2008. The Adjusted EBITDA outlook remains unchanged except for an adjustment to reflect an expected 20% ownership interest in the Hard Rock joint venture for the remainder of the year (original guidance of $110 to $115 million assumed a 33.3% interest) resulting in a lower proportionate share of debt and Adjusted EBITDA.
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