Earnings jump for Stratosphere owner

Tuesday, May 10, 2005 | 10:56 a.m.

The owner of the Stratosphere and two Arizona Charlie's casinos in Las Vegas reported a 63 percent increase in profit in the first quarter as business volumes rose across the company's casino floors and hotels.

First quarter profit at American Casino & Entertainment Properties was $10.1 million compared with $6.2 million for the same period last year.

Revenue rose 9 percent to $88.8 million.

Earnings before interest, taxes, depreciation and amortization rose 21 percent to $25.2 million.

The company is a subsidiary of American Real Estate Partners LP, a publicly traded real estate investment company based in Mount Kisco, N.Y.

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