LAS VEGAS, NEVADA, May 13, 2016 -- American Casino & Entertainment Properties LLC (“ACEP”) reported financial results for the first quarter ended March 31, 2016.
First quarter Consolidated Net revenues were $98.0 million in 2016 compared to $94.4 million in 2015, an increase of 3.8%. ACEP reported a first quarter Net income of $12.5 million for 2016 compared to Net income of $8.0 million in 2015. Adjusted EBITDA increased 9.0% to $24.2 million in the first quarter of 2016 compared to $22.2 million in the first quarter of 2015. Adjusted EBITDA Margin increased to 24.7% in 2016 compared to 23.5% in 2015.
The increase in consolidated Net revenues was driven by increased slot and table games revenue, higher Hotel ADR, and higher average revenue per food cover. ACEP has reported year over year increases in Net revenue in each of the last nine quarters, and year over year increases in Adjusted EBITDA in eight out of nine quarters. Net income for the first quarter of 2016 was negatively impacted by a $1.1 million loss on debt redemption related to a voluntary $35.0 million principal payment on the 2015 Term Loans, on March 31, 2016.
The Stratosphere - Stratosphere’s first quarter Net revenues increased 11.6% in 2016 compared to 2015. Hotel revenue increased 18.9% in 2016 compared to 2015, due to a 6.8% percentage point increase in Hotel Occupancy and a 10.2% increase in ADR. Casino revenues increased 8.4% due primarily to increased slot and table games revenue. Food and beverage revenues increased 11.6% due to increased food and beverage covers. Tower revenue fell 6.4% due primarily to a 1.6% decrease in guests and a 4.3% decrease in average revenue per guest. Stratosphere increased Adjusted EBITDA 43.9% and Adjusted EBITDA Margin increased 5.0 percentage points during the first quarter of 2016 compared to 2015.
Arizona Charlie’s - The Arizona Charlie’s first quarter Net revenues decreased 1.2% in 2016 as compared to 2015. Casino revenues decreased 1.8% due to lower slot coin-in and bingo hold. Hotel revenues increased 14.0% due to increased Hotel Occupancy and higher ADR and food and beverage revenues decreased 8.9% due to decreased food and beverage covers. Due to decreased expenses, Adjusted EBITDA increased 2.0% and Adjusted EBITDA Margin increased 0.6 percentage points at the Arizona Charlie’s properties during the first quarter of 2016 as compared to the first quarter of 2015.
The Aquarius - The Aquarius’ first quarter Net revenues decreased 3.3% in 2016 compared to 2015. Hotel revenue decreased 11.7% in 2016 as Hotel Occupancy decreased to 46.6% in 2016 compared to 55.7% in 2015. Casino revenue decreased 1.1% due to decreased slot revenue. Food and beverage revenue increased 0.9% due to a higher average check per cover. Adjusted EBITDA decreased 9.1% and Adjusted EBITDA Margin decreased 2.1 percentage points in the first quarter of 2016 as compared to the first quarter of 2015.
Financial Statistics as of March 31, 2016:
Consolidated Total Debt
Consolidated Capital Expenditures for the four Fiscal Quarters ended March 31, 2016
2000 Las Vegas Boulevard South · Las Vegas, NV 89104
The following information was filed by American Casino Entertainment Properties Llc (ACEP) on Friday, May 13, 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-Q Quarterly 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-Q Quarterly Report Accession Number: 0001297735-16-000042 Submitted to the SEC: Fri May 13 2016 11:03:49 AM EST Accepted by the SEC: Fri May 13 2016 Period: Thursday, March 31, 2016 Industry: Hotels And Motels