Parent of Stratosphere, Arizona Charlie's reverses net loss

LAS VEGAS -- The company that owns the Stratosphere Casino Hotel and Tower and Arizona Charlie’s said Tuesday it reversed a net loss in the second quarter.

American Casino & Entertainment Properties, LLC reported net income of roughly $100,000 in the quarter than ended June 30, compared with a net loss of $2.8 million in the same quarter a year ago.

The company said second quarter revenues increased 0.8 percent to $88.4 million.

American Casino credited higher gaming revenue at the company’s two Arizona Charlie’s properties and at the Aquarius Casino Resort in Laughlin with boosting the quarter.

However, lower hotel occupancy and casino revenue at Stratosphere had a negative effect on earnings.

The Stratosphere’s net revenue declined 1.2 percent to $39.6 million while the two Arizona Charlie’s casinos - Arizona Charlie's Boulder and Arizona Charlie's Decatur - had a combined net revenue of $23.6 million in the quarter, an increase of 2.6 percent.

Company officials said the Arizona Charlie’s properties had higher slot and bingo revenues in the casino and higher hotel and food and beverage revenues.

Aquarius saw its second quarter revenues increase 2.9 percent to $25.1 million.