Hilton’s Profit Falls: Hilton Hotels Corp. reported a 14% decline in profit. It noted that year-earlier results were inflated by accounting changes and the company’s torrid streak at its Las Vegas gambling tables. For the quarter ended March 31, Hilton earned $22.7 million, or 47 cents a share, compared to $26.5 million, or 55 cents a share, during the first quarter of 1993. Hilton said hotel operations continued a recovery that began in the second half of 1993, with operating income up 62% to $20.7 million. Casino results fell 20% to $38.6 million, a decline Hilton attributed mainly to unusually high 1993 winning percentages at the tables of the Las Vegas Hilton. Overall operating income was $55.7 million, up 2% from $54.6 million in the first quarter of 1993.
From Times Staff and Wire Reports