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Stratosphere Eyeballs Expansion

By Chuckmonster on Thursday, 14th July 2005 9:02pm
  » filed under Las Vegas  comments: 0


Owners of the Stratosphere are considering adding new rooms and a convention center to the 2,444-room resort just north of the Las Vegas Strip.

Richard Brown, president and chief executive for American Real Estate Partners LP, the parent company that owns the Stratosphere, told members of the state Gaming Control Board Wednesday that improved revenue and cash flow at the property have led executives to begin a feasibility study into expansion.

Brown said in an interview after his appearance before the board that the study is in its early stages and there aren't any early indications of how many rooms could be added or how large a convention center would be.

"I think we're like everybody else in town in that we're considering what we can do next," Brown said. "We've made a lot of improvements in the last five years, grown our EBITDA (earnings before interest, tax, depreciation and amortization) dramatically and turned around some distressed properties. It's time we looked at what else we can do."



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