Hotels, restaurants do the heavy lifting
Thanks to nongaming revenues at its Nevada properties, American Casino Entertainment Properties reported a 1.1 percent increase in overall net revenue, to $89.4 million for the quarter that ended June 30. According to the Las Vegas Review-Journal, the company’s profits increased from $100,000 in the second quarter of 2013 to $1.7 million in the current quarter.
In a statement, the company said increases in revenue from hotel and restaurant operations offset a 2.4 percent decline in gaming revenue. The company said its experienced lower volume in slot machine wagering and table game activity during the quarter.
The Stratosphere’s net revenue increased 4.3 percent in the quarter, which included a 9 percent increase in hotel revenue.
However, the company’s two Arizona Charlie’s casinos saw net revenue decrease 4.2 percent, primarily due to a 5.7 percent decrease in casino revenue.
American Casino also operates the Aquarius in Laughlin, which grew revenue 1.2 percent in the quarter. The company’s cash flow fell 4.1 percent to $18.5 million in the quarter, due mostly to several tax expenses, the Review-Journal reported.