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Howard Stutz

Stratosphere owner reports third quarter loss despite increases in revenue

17 November 2015

Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties lost money in the third quarter despite a 6.6% increase in revenue across the company's Southern Nevada casinos.

American Casino, which also owns the two Arizona Charlie's properties (Arizona Charlie's Boulder and Arizona Charlie's Decatur) and the Aquarius Casino Resort in Laughlin, said on Monday its net loss for the quarter that ended Sept. 30 was $6.7 million. A year ago, the company reported net income of $600,000. The company blamed the loss on costs associated with debt redemption, more than half of which was termed as "noncash."

Companywide revenue grew $93.7 million, largely due to the Stratosphere.

In the third quarter, the resort's overall revenue grew 11.4%, which included increases of 20.5% in hotel revenue and 8% in the casino.

The company said revenue from the two Arizona Charlie's properties was "unchanged" from a year ago, while the Aquarius grew revenue 4.5%.

American Casino is not publicly traded but holds publicly held debt.

View more information on American Casino & Entertainment Properties' third quarter results here.