LAS VEGAS, NEVADA, March 21, 2011 -- American Casino & Entertainment Properties LLC (“ACEP”) today reported financial results for the fourth quarter and year ended December 31, 2010.

Net revenues were $79.0 million for the fourth quarter of 2010 compared to $80.5 million for the fourth quarter of 2009, a decrease of 1.9%. ACEP reported a fourth quarter Net Loss of $17.4 million compared to a Net Loss of $17.6 million in the fourth quarter of 2009. Adjusted EBITDA increased 3.4% to $12.3 million for the fourth quarter of 2010 compared to $11.9 million for the fourth quarter of 2009. Adjusted EBITDA Margin improved to 15.6% compared to 14.8% in 2009. For the year ended December 31, 2010, Adjusted EBITDA was $63.4 million compared to $68.8 million in 2009.

The Stratosphere – In the fourth quarter, Stratosphere experienced a 4.2% decrease in Net revenues due to decreases in occupancy, average daily room rate, and an overall decrease in spend by guests throughout the property. The 4.2% decrease is Stratosphere’s best year-over-year comparison of 2010. A portion of the year-over-year decrease in Stratosphere’s Net revenues can be attributed to rooms that were out-of-order for renovation, a project that was completed in December 2010. Based on available rooms, Stratosphere’s fourth quarter occupancy was 89.4% compared to 86.8% in 2009.

Arizona Charlie’s – The Arizona Charlie’s properties experienced an overall decrease in Net revenues of 3.2% in the fourth quarter. The Las Vegas local market continues to be impacted by a difficult economy, high unemployment and heavy promotional activity by our competitors.
 
The Aquarius – Aquarius’ Net revenues increased 4.1% year-over-year for the three months ended December 31, 2010. The increase in Net revenues at Aquarius is driven by our targeted marketing programs that have resulted in increased revenues across all major categories.
 
Financial Statistics as of December 31, 2010:
 
·
Cash
$85.3 million
 · 
Book value of Debt, including capital leases, net of unamortized discount
$357.8 million
 · 
Capital expenditures for the last 12 months
$36.1 million

Conference Call Information:
We will hold our fourth quarter 2010 earnings conference call today, Monday, March 21, 2011 at 8:30 AM Pacific Time (9:30 AM Mountain, 10:30 AM Central, 11:30 AM Eastern). To attend, dial 888-213-3752 (US/Canada toll-free). The pass code is 9862672. A recording of the call will be available on American Casino & Entertainment Properties LLC’s website Investor Relations page, www.acepllc.com.

For more information regarding American Casino & Entertainment Properties LLC, please visit our web site at www.acepllc.com.

Please see the comments at the end of this release for information about non-GAAP financial measures.
 
 
2000 Las Vegas Boulevard South ∙ Las Vegas, Nevada 89104
 
 
 

The following information was filed by American Casino Entertainment Properties Llc (ACEP) on Monday, March 21, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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