American Casino & Entertainment Properties LLC ("ACEP") today reported the following second quarter financial results:
For the quarter ended June 30, 2005, consolidated gross revenues increased to $86.6 million from $78.9 million for the three months ended June 30, 2004. This increase was primarily due to:
* increased casino revenues;
* increased hotel revenues as a result of an increase in occupancy and
average daily room rate;
* and increased food and beverage revenues.
Net income for the quarter ended June 30, 2005 was $8.7 million, an increase from net income of $5.0 million for the quarter ended June 30, 2004. Net income for the quarter ended June 30, 2005 reflected the effects of increased net revenues, partially offset by an increase in selling, hotel and food and beverage expenses, as well as an increase in the provision for income taxes.
The following table presents a reconciliation of net income to EBITDA for ACEP's second quarter 2005 and 2004 results:
Reconciliation of Net Income to EBITDA
(in millions)
For the Quarter Ended June 30,
2005 2004
Net income $8.7 $5.0
Interest expense 4.2 4.7
Provision for income taxes 4.6 1.3
Depreciation and
amortization expense 5.7 6.4
EBITDA $23.2 $17.4
ACEP owns three Las Vegas casinos, Stratosphere Casino Hotel & Tower, Arizona Charlie's Decatur and Arizona Charlie's Boulder.
This release contains certain "forward-looking statements" many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of ACEP. Among these risks and uncertainties are changes in general economic conditions, the extent, duration and strength of any economic recovery, risks related to our hotel and casino operations, including the effect of regulation, substantial competition, rising operating costs and economic downturns, and other risks and uncertainties detailed from time to time in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.
SOURCE American Casino & Entertainment Properties LLC
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American Casino & Entertainment Properties LLC Reports Second Quarter Results