SEARCH NEWS:

 

American Casino & Entertainment Results Up

LAS VEGAS – (PRESS RELEASE) -- American Casino & Entertainment Properties LLC ("ACEP") today reported the following first quarter financial results:

For the quarter ended March 31, 2005, consolidated gross revenues increased to $88.8 million from $81.2 million for the three months ended March 31, 2004. This increase was primarily due to:

* increased casino revenues;

* increased hotel revenues as a result of an increase in average daily room rate; and

* increased food and beverage revenues.

Net income for the quarter ended March 31, 2005 was $10.1 million, an increase from net income of $6.2 million for the quarter ended March 31, 2004. Net income for the quarter ended March 31, 2005 reflected the effects of increased net revenues, partially offset by an increase in selling, general and administrative expenses, as well as an increase in the provision for income taxes.

The following table presents a reconciliation of net income to EBITDA for ACEP's actual first quarter 2005 and 2004 results:

                    Reconciliation of Net Income to EBITDA
                                (in millions)

                                               For the Quarter Ended March 31
                                                  2005               2004
                                                 Actual             Actual

    Net income                                    $10.1              $6.2

    Interest expense                                4.5               4.4
    Interest income                                (0.1)             (0.3)
    Provision for income taxes                      5.3               4.6
    Depreciation and amortization expense           5.4               5.9
    EBITDA                                        $25.2             $20.8

ACEP owns three Las Vegas casinos, Stratosphere Casino Hotel & Tower, Arizona Charlie's Decatur and Arizona Charlie's Boulder.

< Gaming News