Stratosphere parent reverses quarterly loss, grows revenue
Stratosphere parent American Casino & Entertainment Properties reversed third-quarter net loss and grew revenue 4.1 percent, the company said.
American Casino, which also owns the two Arizona Charlie’s properties and the Aquarius in Laughlin, said its had a net income of $600,000 in the quarter that ended Sept. 30, compared to a net loss of $9.4 million a year ago.
Revenue grew to $87.9 million, driven primarily by increases in the hotel and food and beverage divisions in response to increased hotel occupancy, higher daily room rates and increased resort fees.
The Stratosphere’s net revenue grew 6.2 percent in the quarter, which included a 7.9 increase in hotel revenue. Casino revenue at the property grew less than 1 percent while the tower increased revenue due to increased sales from the thrill rides and the Sky Jump.
Arizona Charlie’s, both the Decatur Boulevard and Boulder Highway locations, saw revenue increase 2.8 percent in the quarter. The properties’ casino revenue grew 2.1 percent due to increased bingo volume.
The Aquarius saw total revenue grow 2.5 percent in the quarter.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find him on Twitter: @howardstutz.
