Stratosphere owner reports quarterly loss despite revenue increases
Stratosphere owner American Casino & Entertainment Properties lost money in the third quarter despite a 6.6 percent increase in revenue across the company's Southern Nevada casinos.
American Casino, which also owns the two Arizona Charlie's properties and the Aquarius in Laughlin, said on Monday its net loss for the quarter that ended Sept. 30 was $6.7 million. A year ago, the company reported net income of $600,000. The company blamed the loss on costs associated with debt redemption, more than half of which was termed as "noncash."
Company wide revenue grew $93.7 million, largely due to the Stratosphere.
In the third quarter, the resort's overall revenue grew 11.4 percent, which included increases of 20.5 percent in hotel revenue and 8 percent in the casino.
The company said revenue from the two Arizona Charlie's properties was "unchanged" from a year ago, while the Aquarius grew revenue 4.5 percent.
American Casino is not publicly traded but holds publicly held debt.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.
