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Howard Stutz
 

Nongaming revenue helps Stratosphere, Arizona Charlie's parent

14 August 2014

LAS VEGAS -- Stratosphere and Arizona Charlie's parent company said Wednesday nongaming revenue helped fuel the company’s second-quarter results.

American Casino & Entertainment Properties, LLC said its overall net revenue for the quarter that ended June 30 increased 1.1 percent to $89.4 million. 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, American Casino 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 primarily to several tax expenses.
Nongaming revenue helps Stratosphere, Arizona Charlie's parent is republished from Online.CasinoCity.com.