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LAS VEGAS, NEVADA, March 31, 2014 -- American Casino & Entertainment Properties LLC (“ACEP”) today reported financial results for the fourth quarter and year ended December 31, 2013.
Net revenue was $78.3 million for the fourth quarter of 2013 compared to $79.0 million for the fourth quarter of 2012, a decrease of 0.9%. ACEP reported a fourth quarter Net Loss of $2.8 million for 2013 compared to a Net Loss of $8.3 million for the fourth quarter of 2012. Adjusted EBITDA increased 1.7% to $12.0 million for the fourth quarter of 2013 compared to $11.8 million for the fourth quarter of 2012. Adjusted EBITDA Margin also increased to 15.3% compared to 14.9% in 2012.
For the year ended December 31, 2013, Net revenue was $337.4 million compared to $339.8 million in 2012, a decrease of 0.7%. ACEP reported a Net loss of $15.1 million for 2013 compared to a Net loss of $15.8 million in 2012. Adjusted EBITDA decreased 1.3% to $62.5 million compared to $63.3 million in 2012. Adjusted EBITDA Margin declined slightly to 18.5% compared to 18.6% in 2012.
Financial Statistics as of December 31, 2013:
|•||Cash||$ 55.2 million|
|•||Unrestricted Cash||$ 46.6 million|
|•||Consolidated Total Debt||$ 335.2 million|
|•||Consolidated Capital Expenditures for the four Fiscal Quarters ended December 31, 2013||$ 13.9 million|
Conference Call Information:
We will hold our fourth quarter 2013 earnings conference call, Wednesday, April 2, 2014 at 9:00 AM Pacific Time (10:00 AM Mountain, 11:00 AM Central, 12:00 PM Eastern). To attend, dial 888-503-8175 (US/Canada toll-free). The passcode is 8931135. 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 31, 2014 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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