Golden Entertainment bought the casino from American Casino & Entertainment as part of a four casino package for US$850m last October.
The Stratosphere’s three year redevelopment plan will also see state-of-the-art digital signage and lighting installed on the property’s exterior. Golden Entertainment expects to begin work on the redevelopment project in the second quarter of 2018 and, to minimise disruption to the Stratosphere’s current operations, intends to phase the construction over a three-year period ending in the summer of 2021.
Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, said: “Our strategic priorities for 2018 include the ongoing integration and synergy realisation from the American acquisition, the introduction of a single loyalty card program across all of our operations, and the commencement of focused capital investments at Stratosphere that we expect will further establish the property as a unique destination for visitors to the north end of the Las Vegas Strip.”
As well as the Stratosphere Casino, the deal brought the company Arizona Charlie’s Decatur and Arizona Charlie’s Boulder, as well as the Aquarius Casino Resort in Laughlin.
The company generated revenues for the 2017 fourth quarter of US$184.3m, compared to US$105.4m in the prior-year quarter. The increase in net revenues was driven primarily by the inclusion of 73 days of operations of American in the fourth quarter as well as continued revenue growth across the company’s existing casinos and distributed gaming operations.
Source: GMB
