Vegas Hilton Defaults

The Las Vegas Hilton is in default after skipping interest payments on a $252 million loan.

Parent company Colony Resorts LVH Acquisitions said in an earnings report that the hotel-casino lost $8.8 million in the second quarter compared with a $9.8 million loss for the same period last year.

Colony Resorts net revenue dropped from $47.5 million to $45.5 million. Colony Resorts has decided to use revenue for operational expenses rather than make monthly payments from June to August totaling $3.5 million.

The company said it is working with the lender to restructure the debt.