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Howard Stutz
 

American Casino reports more losses in fourth quarter

19 March 2013

LAS VEGAS -- Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties, LLC grew its net loss in the fourth quarter, blaming softness in hotel occupancy and a lower gaming revenues in the Las Vegas locals market.

The company, which also owns the two Arizona Charlie’s casinos and the Aquarius Casino Resort in Laughlin, said Monday it lost $8.3 million in fourth quarter that ended Dec. 31. A year ago, the company’s net loss was $7 million.

During the fourth quarter, repair and maintenance expenses increased $665,000 due to ongoing projects at Stratosphere, Aquarius and Arizona Charlie’s Boulder on the Boulder Highway.

American Casino said net revenues in the quarter declined 3.1 percent to $79 million.

The Stratosphere’s net revenues fell 5.1 percent due to lower average daily room rates and a three-week closure of the Top of the World restaurant for renovations.

Net revenues at the Arizona Charlie’s casinos declined 5.1 percent.

Meanwhile, the Aquarius saw fourth-quarter revenues increase 2.9 percent to $21.2 million, due in part to a 3.6 percent increase in casino revenue and a 2.2 percent increase in average daily room rate.
American Casino reports more losses in fourth quarter is republished from Online.CasinoCity.com.