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Howard Stutz

Stratosphere, Arizona Charlie's parent reduces loss

12 November 2012

LAS VEGAS -- The parent company of the Stratosphere Casino Hotel and Tower and the two Arizona Charlie's casinos lowered its net loss in the third quarter despite a slight decline in revenues.

American Casino & Entertainment Properties, LOLC said Friday its net loss for the three months that ended Sept. 30 was $3.3 million. In the same quarter a year ago, the company lost $4.2 million.

The company reported overall revenues of $85.8 million in the quarter, compared to $87 million for the third quarter of 2011.

The Stratosphere's net revenue declined 1.7 percent in the quarter, due to a 4.3 percent decrease in hotel revenue.

The two Arizona Charlie's casinos saw revenues decline 4.4 percent, which included a 4.3 percent drop in casino revenues.

American Casino & Entertainment also operates the Aquarius in Laughlin where net revenues increased 2.2 percent in the third quarter.