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LAS VEGAS, NEVADA, March 22, 2012 -- American Casino & Entertainment Properties LLC (“ACEP”) today reported financial results for the fourth quarter and year ended December 31, 2011.
Net revenue was $81.3 million for the fourth quarter ended December 31, 2011 compared to $79.0 million for the fourth quarter of 2010, an increase of 2.9%. ACEP reported a fourth quarter Net Loss of $7.0 million compared to a Net Loss of $17.4 million in the fourth quarter of 2010. Adjusted EBITDA increased 10.6% to $13.6 million for the fourth quarter of 2011 compared to $12.3 million for the fourth quarter of 2010. Adjusted EBITDA Margin also improved to 16.7% compared to 15.6% in 2010. For the year ended December 31, 2011, Adjusted EBITDA was $66.7 million compared to $63.4 million in 2010.
The Stratosphere – Stratosphere’s net revenue increased 8.1% on a 7.3% increase in casino revenue and a 22.1% increase in hotel revenue. The overall increases in visitation and hotel performance in Las Vegas along with the new room product and active player development program at Stratosphere have enabled the property to increase average daily room rates, occupancy, casino, and food and beverage revenue per occupied room.
Arizona Charlie’s – The Las Vegas local market is showing signs of economic improvement in the areas of tourism and taxable sales but continues to be impacted by high unemployment and declining home values. Heavy promotional activity by our competitors continues to dominate the Las Vegas local market. The Arizona Charlie’s net revenue decreased 2.4% in the fourth quarter. Most of the decline occurred in casino and food and beverage revenues at our Boulder property. Both properties saw improved performance by the hotels.
The Aquarius – In 2011, Aquarius has been negatively impacted by construction on Casino Drive, the main road through the Laughlin resort corridor. Construction on Casino Drive was temporarily stopped in July and the construction barriers removed. Construction resumed in late September and continued through the fourth quarter. Aquarius’ net revenues were essentially flat year-over-year for the three months ended December 31, 2011.
|Financial Statistics as of December 31, 2011:|
|• Cash||$ 74.2 million|
|• Book value of Debt, including capital leases, net of unamortized discount||$344.3 million|
|• Capital expenditures||$15.5 million|
Conference Call Information:
We will hold our fourth quarter 2011 earnings conference call,
Thursday, March 22, 2012 at 9:00 AM Pacific Time (10:00 AM Mountain, 11:00 AM Central, 12:00 PM Eastern). To attend, dial 888-510-1786
(US/Canada toll-free). The pass code is 9807314. 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.
The following information was filed by American Casino Entertainment Properties Llc (ACEP) on Thursday, March 22, 2012 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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