The company that controls the Stratosphere, the two Arizona Charlie’s locations and the Aquarius in Laughlin reported its second-quarter earnings today.
Company: American Casino & Entertainment Properties LLC.
Revenue: $95.7 million, up 7 percent from the second quarter of 2014.
Earnings: $7.4 million, compared to $1.7 million during the same period last year.
What it means: The company said its total net revenue increase came from a boost in revenue across all major areas: casino, hotel and food and beverage. This was American Casino’s highest second-quarter net revenue since 2008, according a to a company statement.
Net revenue also rose in each of American Casino’s property divisions, with the Stratosphere reporting a particularly favorable quarter. There, net revenue grew 11.1 percent from last year, and hotel, casino and food and beverage revenues all contributed to the increase.
The Stratosphere’s 20.3 percent hotel revenue increase came from 5.7 percent higher occupancy and a 12.9 percent increase in the resort’s average daily room rates, American Casino said.
The resort’s casino revenue, meanwhile, rose 7.1 percent because of better slot and table games performance, while food and beverage covers drove a 9.5 percent revenue increase in that department.
Tower revenue, however, declined 2.3 percent, which American Casino blamed on a drop in Sky Jump admissions.
At the two Arizona Charlie’s properties, net revenue rose 4.9 percent, the company said. Casino revenue grew 3.2 percent, hotel revenue increased 20.8 percent, partly due to higher occupancy at both hotels, and food and beverage revenues increased 9.1 percent.
Revenue at the Aquarius rose 2.4 percent, with casino revenue increasing 3.1 percent and food and beverage revenue increasing 2.4 percent. Hotel revenue dropped 2.7 percent.
The company’s consolidated total debt at the end of the quarter was $301.6 million.