Stratosphere parent increases quarterly net loss
Stratosphere parent American Casino & Entertainment Properties suffered a net loss of $8.9 million in the third quarter, due in large part to a 100 percent increase in interest expense.
In the same quarter a year ago, the company, which also owns the two Arizona Charlies properties in Las Vegas and the Aquarius in Laughlin, had a net loss of $1.8 million.
American Casino said its quarterly revenues were $83.6 million, a decline of 4.7 percent from year ago. The company blamed the decline on the Stratosphere, which saw decreases in occupancy, average daily room rate and consumer spending reductions.
Only the Aquarius grew revenues in the quarter, which were up 5 percent from a year ago.
Occupancy at the Stratosphere’s hotel fell to 86 percent during the quarter, compared with 93.2 percent a year ago.