American Casino & Entertainment Properties LLC Reports Full Year Financial Results

American Casino & Entertainment Properties LLC Reports Full Year
Financial Results 


LAS VEGAS, March 15  /PRNewswire/ -- American Casino & Entertainment Properties
LLC ("ACEP") today reported the following full year financial results:

For the year ended December 31, 2004, gross revenues increased to $323.4
million from $285.1 million in the year ended December 31, 2003 while net
revenues increased to $300.0 million for the year ended December 31, 2004 from
$262.8 for the year ended December 31, 2003.  This increase was primarily due
to:

  * increased casino revenues, reflecting improved volume;
  * increased hotel revenues as a result of an increase in average hotel
    occupancy and in average daily room rate, particularly at the
    Stratosphere; and
  * increased food and beverage revenues.



Net income for 2004 was $20.9 million, an increase from net income of $20.7
million for 2003.  Net income for 2004 reflected the effects of increased net
interest expense, $17.9 million for 2004 compared to $5.0 million for 2003,
primarily as a result of the issuance in January 2004 of $215.0 million
principal amount of 7.85% senior secured notes due 2012.

EBITDA for 2004 was $72.4 million, an increase from EBITDA of $44.1 million for
2003.  EBITDA for 2004 reflected the effects of increased revenue partially
offset by increased payroll expenses, legal fees and marketing expenses.

For 2005, ACEP expects to report net revenue of $312.4 million, net income of
$22.1 million and EBITDA of $74.1 million.

The following table presents a reconciliation of net income to EBITDA for
ACEP's actual 2004 and 2003 results, the Arizona Charlie's combined results for
2004 and the expected 2005 outlook:

                  Reconciliation of Net Income to EBITDA
                              (in thousands)

                                 For the Year Ended December 31,
                           2005              2004                 2003
                        Projected            Actual              Actual
                                                    Arizona
                                                  Charlie's
                          Total        Total       Combined       Total
  Net income             $22,146      $20,872      $10,867      $20,862
  Other (income) expense  18,040       17,890        6,659        4,963
  Provision for income
   taxes                  11,925       10,100        5,147      (1,798)
  Depreciation and
   amortization           21,946       23,516       10,310       20,222
  EBITDA                 $74,057      $72,378      $32,983      $44,069




During 2004, ACEP incurred capital expenditures of $14.0 million and expects
that capital expenditures will be $23.1 million for 2005.

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" within the meaning
of the Private Securities Litigation Reform Act of 1995, 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, the extent of any tenant bankruptcies and insolvencies,
our ability to maintain tenant occupancy at current levels, our ability to
obtain, at reasonable costs, adequate insurance coverage, risks related to our
hotel and casino operations, including the effect of regulation, substantial
competition, rising operating costs and economic downturns, competition for
investment properties, risks related to our oil and gas operations, including
costs of drilling, completing and operating wells and the effects of
regulation, 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. 

DATASOURCE: American Casino & Entertainment Properties LLC



CONTACT:  Denise Barton, Chief Financial Officer of American Casino &

Entertainment Properties LLC, [phone] 

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