Stratosphere owner American Casino &Entertainment Properties LLC reported quarterly increases in net revenue and net income, driven by higher slot revenue, hotel occupancy, average daily room rates and average revenue per food cover.
American Casino, which also owns two Arizona Charlies properties, as well as the Aquarius in Laughlin, reported consolidated net revenue of $97.9 million in the second quarter, a 2.3 percent increase over the $95.7 million in the same period in 2015. It was the 10th consecutive quarter the properties increased year-over-year net revenue.
The casino operator also reported net income of $12.5 million, topping the $7.4 million from the second quarter of 2015.
The Stratosphere had a 3.1 percent increase in net revenue year over year, sparked by a higher average daily room rate, a 4.1 percent increase in casino revenues and a 6.1 percent increase in revenue per cover.
Arizona Charlies’ net revenue was unchanged in the second quarter over 2015.
The Aquarius in Laughlin increased revenue by 3.1 percent year over year. The upward swing came as hotel revenue increased by 8.5 percent, and hotel occupancy and the average daily room rate climbed by 3.2 percent and 2.5 percent, respectively. Casino revenue and food and beverage covers per customer increased by 1.7 and 8 percent, respectively.
Allstate Insurance Co. grows
in the valley
Allstate Insurance Co. announced the opening of three independently owned and operated offices around the Las Vegas Valley.
Agent Karina Arana is opening an office at 1212 S. Eastern Ave.; agent Nia Gima is opening an office at 6655 W. Sahara Ave.; and agent Brandon Shar’s office will be at 11411 Southern Highlands Parkway.
“Allstate is proud to expand in Nevada and protect more families in the Las Vegas area,” according to a statement by Denis Bailey, field senior vice president for Allstate’s Southwest region. “These new agency owners help develop and strengthen the community while embodying the spirit of service that Allstate strives to uphold.”
Universal Health Services expands reach to Pahrump
Pennsylvania-based Universal Health Services Inc. announced its acquisition in August of Desert View Regional Medical Center, a 25-bed hospital in Pahrump.
“This acquisition reflects our focused efforts to invest and expand in our existing markets, and will complement the opening of our newest hospital in Henderson later this year,” said Alan B. Miller, chief executive officer.
The 72,650-square-foot facility contains two surgical suites, a diagnostic imaging center, an emergency room, along with laboratory, a physical therapy department and ancillary units.
The Valley Health System, owned and operated as a subsidiary of UHS, encompasses five acute care medical centers in Las Vegas with a sixth opening in Henderson this fall. Valley Health System holds Centennial Hills Hospital Medical Center, Desert Springs Hospital Medical Center, Spring Valley Hospital Medical Center, Summerlin Hospital Medical Center, Valley Hospital Medical Center, with Henderson Hospital on the way.
Officials at Rural Health Group, owner of the Pahrump hospital, see the sale as a positive.
“Given the growing need for health care services in this area, we believe that UHS has the clinical, operational and capital capabilities to further expand and take this hospital to the next level,” said Ken Richens, Rural Health Group executive vice president.