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Holding Company Approved to Manage Las Vegas Casinos

NEVADA -- Nevada gaming regulators Thursday approved a holding company to manage the Stratosphere and two Arizona Charlie's casinos, but a spokesman for the company said plans for downtown property are still in the preliminary stages.

The Nevada Gaming Commission licensed AREP Gaming, which was formed under American Casino & Entertainment Properties and its Mount Kisco, N.Y.-based parent, American Real Estate Partners, which businessman Carl Icahn controls.

The company will manage the Las Vegas casinos and the Sands in Atlantic City.

Richard Brown was approved as president and chief executive officer and Denise Barton as chief financial officer, to be licensed for the new holding company.

Brown, in addressing commissioners, said it was early to discuss expansion plans at the Stratosphere. The Strip casino has 2,444 hotel rooms and an 1,149-foot tower, the tallest freestanding observation tower in the U.S. and the tallest building west of the Mississippi River.

Mike Gilmartin, a spokesman for AREP, said any expansion plans are in the "feasibility study stages." He said the Stratosphere has adjacent land parcels for development and the company is trying to determine what it wants for the site.

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