Parent of Stratosphere, Arizona Charlie’s expects to trim loss


The company that operates the Stratosphere and the two Arizona Charlie’s casinos said Monday it expects to reduce its fourth-quarter net loss when the company officially reports results.

American Casino and Entertainment Properties (ACEP) said its net loss for the quarter would be $2.8 million, compared to a net loss $8.3 million in the same quarter a year ago.

ACEP, which also operates the Aquarius in Laughlin, said its net revenues for the quarter would be $78.3 million, a decline of less than 1 percent over the same quarter of 2012.

The company released the preliminary results because it is seeking to amends its credit agreements in an effort to reduce interest rates. ACEP did not give an officials date for its fourth quarter earnings or provide any additional comment on the results, which the company said were “preliminary” and “unaudited.”

The company said its net revenues from the Stratosphere were $35.5 million in the quarter, which was unchanged from a year ago. Net revenues from the two Arizona Charlies casinos increased 1.4 percent while net revenues from the Aquarius fell 3.8 percent.

For all of 2013, ACEP expected to report net revenues of $337.4 million, a decline of 7 percent, while an expected net loss of $15.1 would be a decline of 4.4 percent.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.

 

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