American Casino & Entertainment Properties
Stratosphere Las Vegas partly serves as the global corporate headquarters.
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| Public | |
| Industry | Gaming |
| Founded | December 29, 2003 |
| Headquarters | Las Vegas, Nevada, United States |
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Number of locations
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4 |
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Area served
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Global |
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Key people
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Frank V. Riolo, CEO |
| Products | Casinos, Resorts |
| Parent | Whitehall Street Real Estate Funds |
| Website | www |
American Casino & Entertainment Properties (ACEP) is a casino holding company headquartered at the Stratosphere Las Vegas. ACEP was a wholly owned subsidiary of American Real Estate Partners before it was sold to Whitehall Street Real Estate Funds in February 2008.
Shortly after opening, the Stratosphere Las Vegas Las Vegas on April 30, 1996, the Stratosphere Corporation was forced to file for bankruptcy. After acquiring a majority of the bonds, ACEP gained control of the casino. [6] Carl Icahn acquired the four properties for $300 million.
On November 29, 2005 Harrah's Entertainment announced plans to sell the Flamingo Laughlin casino to ACEP.The sale closed on May 19, 2006, and plans called for the property to be renamed the Aquarius within 6 months of the sale. The Flamingo Laughlin became the Aquarius Casino Resort in October 2006.
On April 23, 2007 it was announced that ACEP was being sold for $1.3 billion to Whitehall Street Real Estate Funds, an investment fund managed by Goldman Sachs. Final sale was completed on 21 February 2008. Although revenue for 2008 had only slipped by 4.47% from 2007, the interest costs of acquisition had turned ACEP into a money losing operation. ACEP registered its first positive net income since 2007 of $7.0 million in 2014 and $12.1 million in 2015.
In 2008 ACEP completed $21.0 million in room renovations at the Aquarius Casino Resort.
In 2011 ACEP completed $20 million in renovations at the Stratosphere, updating its rooms and casino floor and promoted the changes within new marketing campaign. The Stratosphere also added a lounge called Sky Lounge 107 the 108th floor. In addition to the renovations, Stratosphere added a new thrill ride, the Sky Jump.
In 2007, Whitehall Street Real Estate Funds, who owned 40% of the Las Vegas Hilton and was a passive investor in other casino properties, made an offer of $1.3 billion for the four properties. The appraisal assigned a value of $718.443 million to the land under the four properties. The buildings were worth $365.59 million. The impressive land valuation seemed to be almost entirely based on the undeveloped 17 acres (69,000 m2) of land near the Stratosphere.
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