Second-quarter loss reduced for Stratosphere owner
Higher room rates and tighter overhead helped Stratosphere owner American Casino & Entertainment Properties reduce its second-quarter loss.
Net revenues of $87.5 million marked a 1.1 percent improvement from the same period one year ago as the gain in room sales more than offset the decline from casino operations. The net loss fell to $2.8 million from $7.7 million one year ago, even after including a $1.4 million charge for the redemption of a portion of the corporate debt.
While Stratosphere is the company's most visible property, it also owns two Arizona Charlie's locals casinos and the Aquarius in Laughlin.
Management attributed the better hotel results to the general rebound of the Las Vegas resort industry plus upgrades at Stratosphere and Aquarius. Rates and occupancy rose, although specifics were not given.
Casino revenues, which account for more than half of the company's total, fell due to decreased wagering and a lower hold percentage.
Contact reporter Tim O'Reiley at toreiley@reviewjournal.com or 702-387-5290.
