Stratosphere Owner Posts 1Q Gain

Fri, May 16, 2014

The owner of the Stratosphere in Las Vegas, American Casino & Entertainment Properties, has reported a 3 percent rise in revenues for the first quarter of 2014. Nongaming revenues are responsible for the uptick.

Total revenues reached million

American Casino & Entertainment Properties, owner of the Stratosphere in Las Vegas, reported a 3 percent boost in revenue for the first quarter of 2014, according to the Las Vegas Review-Journal. The turnabout is due in part to nongaming spending by customers at the property near Downtown Las Vegas.

American Casino announced 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, including a nearly 20 percent increase from hotel revenue and a 2.3 percent increase in casino revenue, the Review-Journal reported.

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