Las Vegas-based American Casino & Entertainment Properties LLC, operator of the Stratosphere and two Arizona Charlie’s properties in Las Vegas and the Aquarius in Laughlin, reported its fourth-quarter earnings Monday. The company is not listed on a stock exchange but has publicly traded debt.
Company: American Casino & Entertainment Properties LLC
Revenue: $78.3 million (down 0.9 percent from fourth quarter 2012). Revenue was down slightly in casino, hotel, and food and beverage categories. The biggest revenue decline occurred at the Aquarius in Laughlin, down from $21.2 million to $20.4 million.
Loss: $2.8 million (up 66.3 percent from fourth quarter 2012). Overall, losses narrowed for ACEP in 2013, with a total loss of $15.1 million compared with a loss of $15.8 million the previous year.
What it means: The company continued to tread water in 2013 and the fourth quarter was no different.
Stratosphere’s net revenue for the quarter was unchanged, while net revenue per room increased. The Stratosphere reported a decline in its average daily room rate, from $51.34 to $48.59. The hotel’s occupancy rate was off 4.2 percentage points to 70.4 percent.
The company’s Arizona Charlie’s properties had higher room rates than the comparable 2012 quarter, with the Decatur property at $45.51 a night compared with $42.09 in the year-ago quarter, and the Boulder location at $42.08, up from $40.11. Occupancy rates fell 1.5 percentage points to 61.5 percent at the Decatur property but were up 0.8 points to 42.9 percent at the Boulder property.
It was a mixed bag on the gaming side, with slot win up at the Stratosphere and Arizona Charlie’s Boulder but down at the Arizona Charlie’s Decatur and the Aquarius.
Table win was down at the two Arizona Charlie’s properties and the Aquarius and unchanged over last quarter at the Stratosphere.