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American Casino loses $9.4 million in third quarter

12 Nov 2013

By Howard Stutz
LAS VEGAS -- The parent company of the Stratosphere Casino Hotel and Tower and the two Arizona Charlie’s casinos said Tuesday it more than doubled its net loss in the second quarter.

American Casino & Entertainment Properties, LLC said lost $9.4 million in the quarter that ended Sept. 30, compared with a net loss of $3.3 million in the same quarter last year.

The company said its net revenue during the quarter fell 1.6 percent to $84.4 million.

American Casino said the declines were on lower revenues in the company’s casino, entertainment and hotel divisions. Volumes and hold percentages also were down in the casino areas while the hotels experienced lower guest counts.

American Casino’s property in Laughlin, the Aquarius Casino Resort, was the only casino in the company where revenues showed an increase. The company said a 1.6 percent increase in casino revenue and a 4.5 percent increase in hotel revenues helped the Aquarius grow overall revenues 1.3 percent. A closing and renovation of a restaurant outlet at the property drove food and beverage results down 4.4 percent.

Meanwhile, revenues at the Stratosphere’s decreased 3.5 percent while the two Arizona Charlie’s casinos saw revenues decline by less than 1 percent.

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