Stratosphere owner American Casino & Entertainment Properties reversed a first quarter net loss and grew revenue 3 percent, due in part to nongaming spending by customers at the property at the edge of downtown Las Vegas.
American Casino said Monday the company had a net income of $4.5 million for the quarter that ended March 31. A year ago, the company reported a net loss of $3 million for the same quarter.
Total revenue reached $89 million.
In addition to the Stratosphere, American Casino operates the two Arizona Charlie’s casinos and Aquarius in Laughlin.
The Stratosphere’s total revenue increased 8.3 percent, which included a nearly 20 percent increase from hotel revenue and a 2.3 percent increase in casino revenue.
During the quarter, the Stratosphere reached a verbal agreement in March on a new collective bargaining agreement with Culinary Workers Local 226 and Bartenders Local 165. American Casino said it expects employees will ratify the agreement.
The company said revenue increased less than 1 percent at the two Arizona Charlie’s properties while the Aquarius saw revenue decline 2 percent. The company said expenses for repair and maintenance projects at the casino cost roughly $882,000.
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