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Stratosphere profit rises, tower adding 1,000 rooms

Wednesday, April 4, 2001 | 10:41 a.m.

Stratosphere Corp. reported net income of $4.83 million in 2000, a 118 percent increase over 1999.

The owner of the Stratosphere hotel-casino in Las Vegas, controlled by financier Carl Icahn, saw net revenues rise 8 percent to $132.8 million, as results improved in every major business line.

Casino revenues saw the largest increase, rising 10 percent to $53.1 million. The Stratosphere attributed this to the end of disruption from construction. Its expanded sports book accounted for a quarter of the increase.

The next biggest gain came in food and beverage revenues, which increased 9 percent to $36.2 million. Hotel revenues rose 6.5 percent to $26.2 million, as occupancy for the year increased from an average of 92.1 percent in 1999 to 95.8 percent in 2000. Tower and retail revenues increased 6.3 percent to $28.6 million.

The company said it expects to complete its new 1,000-room hotel tower and 350-seat coffee shop, a $60 million project, in late June. The Stratosphere received $27.25 million in capital infusions from Icahn-controlled American Real Estate Holdings from September to December to help pay for this expansion, the annual report said.

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