Stratosphere, Arizona Charlie’s parent reduces loss
The parent company of the Stratosphere and the two Arizona Charlie’s casinos lowered its net loss in the third quarter despite a slight decline in revenues.
American Casino & Entertainment Properties said Friday its net loss for the three months that ended Sept. 30 was $3.3 million. In the same quarter a year ago, the company lost $4.2 million.
The company reported overall revenues of $85.8 million in the quarter, compared to $87 million for the third quarter of 2011.
The Stratosphere’s net revenue declined 1.7 percent in the quarter, due to a 4.3 percent decrease in hotel revenue.
The two Arizona Charlie’s casinos saw revenues decline 4.4 percent, which included a 4.3 percent drop in casino revenues.
American Casino & Entertainment also operates the Aquarius in Laughlin where net revenues increased 2.2 percent in the third quarter.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.