Hotel-casino replaces auditor

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Friday, March 3, 2000 | 10:48 a.m.

The Stratosphere hotel-casino said it's dismissing its independent accounting firm, Arthur Andersen LLP.

A filing with the Securities and Exchange Commission said the dismissal will be effective May 31. The company will replace Arthur Andersen with accounting firm KPMG LLP.

Tom Lettero, chief financial officer of the Stratosphere, said the move was made for purely financial reasons, rather than disagreements with Arthur Andersen.

"We rebid, and they (KPMG) were the lowest bidder," Lettero said. "It was nothing special at all. Arthur Andersen did an excellent job, but it came down to money."

Shares of the Stratosphere still trade over-the-counter, though the vast majority of the company's stock is controlled by New York financier Carl Icahn.