Stratosphere owner reports 3 percent increase in 1Q revenue

A view of the Stratosphere Tower Thursday, April 5, 2012.

Las Vegas-based American Casino & Entertainment Properties, owner of the Stratosphere and the two Arizona Charlie’s, as well as the Aquarius in Laughlin, reported earnings today for the quarter ending March 31.

Company: American Casino & Entertainment Properties LLC

Revenue: $89 million (up 3 percent from the same period last year).

Earnings: $4.5 million in revenue (up from a loss of $3 million in the same period last year).

The company slashed its interest expenses and booked higher hotel, food and beverage, and retail and entertainment revenue, though it posted a slight dip in gambling intake.

Hotel occupancy improved at the Stratosphere (80 percent last quarter, up from 78 percent a year earlier); the Arizona Charlie’s on Decatur Boulevard (71 percent, up from 63 percent); and the Aquarius (51 percent, up from 50 percent).

Occupancy was flat at the Arizona Charlie’s on Boulder Highway, at 47 percent.

Overall, the Stratosphere accounted for the largest chunk of the company’s revenue last quarter, at $40.3 million.