Stratosphere owner American Casino and Entertainment Properties grew its net loss in the fourth quarter, blaming softness in hotel occupancy and a lower gaming revenues in the Las Vegas locals market.
The company, which also owns the two Arizona Charlie’s casinos and the Aquarius in Laughlin, said Monday it lost $8.3 million in fourth quarter that ended Dec. 31. A year ago, the company’s net loss was $7 million.
During the fourth quarter, repair and maintenance expenses increased $665,000 due to ongoing projects at Stratosphere, Aquarius and Arizona Charlie’s on the Boulder Highway.
American Casino said net revenues in the quarter declined 3.1 percent to $79 million.
The Stratosphere’s net revenues fell 5.1 percent due to lower average daily room rates and a three-week closure of the Top of the World restaurant for renovations.
Net revenues at the Arizona Charlie’s casinos declined 5.1 percent.
Meanwhile, the Aquarius saw fourth-quarter revenues increase 2.9 percent to $21.2 million, due in part to a 3.6 percent increase in casino revenue and a 2.2 percent increase in average daily room rate.
Contact reporter Howard Stutz at firstname.lastname@example.org or 702-477-3871. Follow @howardstutz on Twitter.