LAS VEGAS, NEVADA, March 23, 2016 -- American Casino & Entertainment Properties LLC (“ACEP”) reported financial results for the fourth quarter ended December 31, 2015.
Fourth quarter Consolidated Net revenues were $89.3 million in 2015 compared to $84.8 million in 2014, an increase of 5.3%. ACEP reported a fourth quarter Net income of $3.3 million for 2015 compared to Net income of $0.2 million in 2014. Adjusted EBITDA increased 15.9% to $16.8 million in the fourth quarter of 2015 compared to $14.5 million in the fourth quarter of 2014. Adjusted EBITDA Margin increased to 18.8% in 2015 compared to 17.1% in 2014.
The increase in consolidated Net revenues was driven by increased slot and table games revenue, higher Hotel Occupancy, increased ADR, and higher average revenue per food cover. ACEP has reported year over year increases in Net revenue in each of the last eight quarters, and year over year increases in Adjusted EBITDA in seven out of eight quarters. Net income for the fourth quarter of 2015 was negatively impacted by a $2.1 million loss on asset disposal.
The Stratosphere - Stratosphere’s fourth quarter Net revenues increased 13.8% in 2015 compared to 2014. Hotel revenue increased 23.0% in 2015 compared to 2014, due to a 9.4% percentage point increase in Hotel Occupancy and a 12.4% increase in ADR. Casino revenues increased 16.6% due primarily to increased slot and table games revenue. Food and beverage revenues increased 8.6% due to increased food and beverage covers. Tower revenue fell 7.8% due primarily to a 13.1% decrease in SkyJump admissions. Stratosphere increased Adjusted EBITDA 70.0% and Adjusted EBITDA Margin increased 6.5 percentage points during the fourth quarter of 2015 compared to 2014.
Arizona Charlie’s - The Arizona Charlie’s fourth quarter Net revenues decreased 0.9% in 2015 as compared to 2014. Casino revenues decreased 2.4% due to lower slot coin-in and bingo hold. Hotel revenues increased 20.1% due to increased Hotel Occupancy and higher ADR and food and beverage revenues decreased 2.4% due to decreased food and beverage covers. Due to increased expenses, Adjusted EBITDA decreased 7.3% and Adjusted EBITDA Margin decreased 0.9 percentage points at the Arizona Charlie’s properties during the fourth quarter of 2015 as compared to the fourth quarter of 2014.
The Aquarius - The Aquarius’ fourth quarter Net revenues decreased 3.1% in 2015 compared to 2014. Hotel revenue decreased 3.2% in 2015 as Hotel Occupancy decreased to 39.9% in 2015 compared to 42.2% in 2014. Casino revenue decreased 3.4% due to decreased slot, table, and race and sports revenue. Food and beverage revenue increased 4.2% due to a higher average check per cover. Adjusted EBITDA decreased 14.1% and Adjusted EBITDA Margin decreased 2.7 percentage points in the fourth quarter of 2015 as compared to the fourth quarter of 2014.
Financial Statistics as of December 31, 2015:
Consolidated Total Debt
Consolidated Capital Expenditures for the four Fiscal Quarters ended December 31, 2015
2000 Las Vegas Boulevard South · Las Vegas, NV 89104
The following information was filed by American Casino Entertainment Properties Llc (ACEP) on Wednesday, March 23, 2016 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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Ticker: ACEP CIK: 1297735 Form Type:10-K Annual Report Accession Number: 0001297735-16-000038 Submitted to the SEC: Wed Mar 23 2016 10:19:27 AM EST Accepted by the SEC: Wed Mar 23 2016 Period: Thursday, December 31, 2015 Industry: Hotels And Motels