Stratosphere parent reverses loss, sees revenue rise

LAS VEGAS -- Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties, LLC reversed a first-quarter net loss and grew revenue 3 percent, due in part to nongaming spending by customers at the property at the edge of downtown Las Vegas.

American Casino said Monday the company had a net income of $4.5 million for the quarter that ended March 31. A year ago, the company reported a net loss of $3 million for the same quarter.

Total revenue reached $89 million.

In addition to the Stratosphere, American Casino operates the two Arizona Charlie’s casinos and Aquarius Casino Resort in Laughlin.

The Stratosphere’s total revenue increased 8.3 percent, which included a nearly 20 percent increase from hotel revenue and a 2.3 percent increase in casino revenue.

During the quarter, the Stratosphere reached a verbal agreement in March on a new collective bargaining agreement with Culinary Workers Local 226 and Bartenders Local 165. American Casino said it expects employees will ratify the agreement.

The company said revenue increased less than 1 percent at the two Arizona Charlie’s properties while the Aquarius saw revenue decline 2 percent. The company said expenses for repair and maintenance projects at the casino cost roughly $882,000.