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Arnold M. Knightly

Brown resigns as ACEP chief

22 April 2008

LAS VEGAS, Nevada -- Richard Brown resigned Monday as chief executive officer of the parent company of the Stratosphere and both Arizona Charlie's, a Securities and Exchange Commission filing shows.

Brown, 60, could not be reached for comment. No time frame was given to name his replacement.

Brown is also president and director for the company, American Casino & Entertainment Properties. It's unclear from the filing whether Brown will also cede those titles.

American Casino, which also owns the Aquarius in Laughlin, said in the filing that "there were no know disagreements with Mr. Brown on any matters relating to the company's operations, policies or practices."

The resignation comes two months after an affiliate of Goldman Sachs bought American Casino.

Whitehall Street Real Estate Funds paid $1.3 billion Feb. 20 to buy the gaming subsidiary controlled by billionaire financier Carl Icahn.

Brown and the buyers told gaming regulators in January he would continue to oversee the company's day-to-day operations.

Brown had led the gaming company since June 2002. From January 2001 to June 2002, he served as Chief Operating Officer for all three properties. He joined the Stratosphere in March 2000 as executive vice president of marketing.

Brown held executive positions with Harrah's Entertainment and Hilton Gaming Corp. before joining the Stratosphere.