The company that runs the Stratosphere, Arizona Charlie’s and the Aquarius in Laughlin reported its first-quarter earnings on Friday.
Company: American Casino & Entertainment Properties LLC
Revenue: $94.4 million, up 6.1 percent from the same period a year ago. The company said in a statement that the increase was largely due to strong performance across its casino, hotel, and food and beverage divisions.
Earnings: $8 million, a 77.8 percent jump from the first quarter of 2014.
What it means: The company said its net revenue boost stemmed from more slot revenue, better occupancy, higher average daily room rates and resort fees, as well as higher food covers.
The Stratosphere had a strong quarter, helped in large part by the hotel side of its business, according to the company statement.
Net revenue at the property rose 4.7 percent, while hotel revenue increased 14.1 percent compared to the first quarter of 2014. The company said its hotel revenue was assisted by an occupancy increase of 4 percentage points, a 6.4 percent average daily room rate increase and an increase of revenue from resort fees by 24.5 percent.
Food and beverage revenue was up 5.9 percent.
Casino revenue at the Stratosphere, however, fell 1.9 percent, which American Casino said was because of slight declines in slot coin-in and table hold. Tower revenue dropped 3.7 percent because of fewer Sky Jump admissions.
Revenue also increased at American Casino’s other properties during the first quarter.
Arizona Charlie’s net revenue rose 2.1 percent from the year before, with hotel and food and beverage revenues increasing at both locations, the company said. Casino revenue there increased 0.1 percent.
At the Aquarius, meanwhile, revenue increased 11.9 percent from the same period last year. Casino revenue rose by 10.9 percent, food and beverage revenue by 6.4 percent and hotel revenue by 13.2 percent.