LAS VEGAS, NEVADA, August 12, 2016 -- American Casino & Entertainment Properties LLC (“ACEP”) reported financial results for the second quarter ended June 30, 2016.
Second quarter Consolidated Net revenues were $97.9 million in 2016 compared to $95.7 million in 2015, an increase of 2.3%. ACEP reported a second quarter Net income of $12.3 million for 2016 compared to Net income of $7.4 million in 2015. Adjusted EBITDA increased 1.8% to $22.6 million in the second quarter of 2016 compared to $22.2 million in the second quarter of 2015. Adjusted EBITDA Margin decreased to 23.1% in 2016 compared to 23.2% in 2015.
The increase in consolidated Net revenues was driven by increased slot revenue, higher Hotel Occupancy and ADR, and higher average revenue per food cover. ACEP has reported year over year increases in Net revenue in each of the last ten quarters, and year over year increases in Adjusted EBITDA in nine out of ten quarters. Net income for the second quarter of 2015 was negatively impacted by a non-cash $1.1 million loss on debt redemption related to our $30 million principal payment on the First Lien Term Loans.
The Stratosphere - Stratosphere’s second quarter Net revenues increased 3.1% in 2016 compared to 2015. Hotel revenue increased 3.1% in 2016 compared to 2015, due to a 3.4% increase in ADR. Casino revenues increased 4.1% due primarily to increased slot coin-in and hold. Food and beverage revenues increased 6.1% due to increased average revenue per cover. Tower revenue fell 10.3% due primarily to a 5.3% decrease in tower guests and a 8.5% decrease in average revenue per tower guest. Tower guest count was affected by an increase in weather related downtime during the second quarter of 2016 as compared to 2015. Stratosphere increased Adjusted EBITDA 4.5% and Adjusted EBITDA Margin increased 1.7 percentage points during the second quarter of 2016 compared to 2015.
Arizona Charlie’s - The Arizona Charlie’s second quarter Net revenues were unchanged in 2016 as compared to 2015. Casino revenues decreased 0.1% as increased slot revenue was offset by decreased race and sports and bingo revenues. Hotel revenues increased 5.8% due to increased Hotel Occupancy and higher ADR and food and beverage revenues decreased 0.6% due to decreased food and beverage covers. Due to increased expenses, Adjusted EBITDA decreased 6.2% and Adjusted EBITDA Margin decreased 1.1 percentage points at the Arizona Charlie’s properties during the second quarter of 2016 as compared to the second quarter of 2015.
The Aquarius - The Aquarius’ second quarter Net revenues increased 3.1% in 2016 compared to 2015. Hotel revenue increased 8.5% in 2016 as Hotel Occupancy and ADR increased 3.2 percentage points and 2.5%, respectively, in 2016 compared to 2015. Casino revenue increased 1.7% due primarily to increased slot coin-in. Food and beverage revenue increased 8.0% due to increased covers and a higher average revenue per cover. Adjusted EBITDA increased 2.6% and Adjusted EBITDA Margin decreased 0.1 percentage points in the second quarter of 2016 as compared to the second quarter of 2015.
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The following information was filed by American Casino Entertainment Properties Llc (ACEP) on Friday, August 12, 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: 0001297735-16-000047 Submitted to the SEC: Fri Aug 12 2016 10:52:46 AM EST Accepted by the SEC: Fri Aug 12 2016 Period: Thursday, June 30, 2016 Industry: Hotels And Motels