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Quarterly profits nearly double for Stratosphere owner

18 May 2015

Stratosphere Casino Hotel and Tower owner American Casino & Entertainment Properties said Friday the company grew quarterly revenue 6.1 percent in the first quarter and nearly doubled its profits.

The company, which also owns the two Arizona Charlie's Boulder and Arizona Charlie's Decatur casinos and the Aquarius Casino Resort in Laughlin, said it collected $94.4 million in net revenue in the quarter that ended March 31, compared to $89 million in the same period a year ago.

Profits in the quarter were $8 million, compared to $4.5 million in the 2014 first quarter.

The company said the revenue increase was driven by increased slot machine revenue, higher hotel occupancy, increased average daily room rates and resort fees, and increased restaurant activity.

All three American Casino reporting divisions increased revenues in the quarter. The Stratosphere saw revenue jump 4.7 percent, the Arizona Charlie’s casinos grew revenue 2.1 percent while the Aquarius was up 11.9 percent.

Overall, the company’s cash flow grew 18.7 percent to $22.2 million.

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