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American Casino Results Up

16 Mar 2005

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

For the year ended December 31, 2004, gross revenues increased to $323.4 million from $285.1 million in the year ended December 31, 2003 while net revenues increased to $300.0 million for the year ended December 31, 2004 from $262.8 for the year ended December 31, 2003. This increase was primarily due to:

* increased casino revenues, reflecting improved volume;

* increased hotel revenues as a result of an increase in average hotel occupancy and in average daily room rate, particularly at the Stratosphere; and

* increased food and beverage revenues.

Net income for 2004 was $20.9 million, an increase from net income of $20.7 million for 2003. Net income for 2004 reflected the effects of increased net interest expense, $17.9 million for 2004 compared to $5.0 million for 2003, primarily as a result of the issuance in January 2004 of $215.0 million principal amount of 7.85% senior secured notes due 2012.

EBITDA for 2004 was $72.4 million, an increase from EBITDA of $44.1 million for 2003. EBITDA for 2004 reflected the effects of increased revenue partially offset by increased payroll expenses, legal fees and marketing expenses.

For 2005, ACEP expects to report net revenue of $312.4 million, net income of $22.1 million and EBITDA of $74.1 million.

During 2004, ACEP incurred capital expenditures of $14.0 million and expects that capital expenditures will be $23.1 million for 2005.

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

 
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