American Casino & Entertainment Properties (ACEP), parent company of the Stratosphere, reported growth for nearly every division in its second quarter financials on August 12.
[dropcap]F[/dropcap]or the quarter that ended 30 June, the company revealed net income of $12.3m (E11m) on revenue of $105.1m (E93m), up from the same quarter a year ago when income was at $7.4m (E6.6m) on revenue of $102.6m (E91m).
ACEP, which also operates the Aquarius in Laughlin and two Arizona Charlie’s properties in Las Vegas, attributed the increases to higher slot revenue, higher average revenue per food customer and hotel occupancy and average daily room rates. The company continued its run of consecutive success, reporting year-over-year increases in net revenue, which it has now achieved for the last 10 quarters.
Stratosphere’s second quarter net revenue increased 3.1 per cent compared with last year, with hotel revenue up 3.1 per cent due to a 3.4 per cent increase in room rates. Increased slot play pushed casino revenue up 4.1 per cent and food and beverage grew 6.1 per cent due to a higher average spend per patron.
Ned Martin, CFO of ACEP, said on August 12 that the company has filed to deregister as a publicly traded company.