American Casino & Entertainment Properties, LLC ('ACEP') Today Reported Financial Results for the First Quarter Ended March 31, 2010

ACEP's 2010 net earnings were negatively impacted when compared to 2009 due to (i) increased amortization expense associated with its debt restructuring, (ii) expenses associated with its 2010-2011 property tax appeal and, (iii) pre-opening expenses associated with The Stratosphere Casino Hotel & Tower's newest ride, Sky Jump Las Vegas.

Net revenues were $87.8 million for the first quarter of 2010 compared to $93.7 million for the first quarter of 2009, a decrease of 6.3%.  EBITDA(1) decreased 4.5% to $19.2 million compared to $20.1 million in 2009. Adjusted EBITDA(1) decreased 5.3% to $19.8 million.

"We continue to look for opportunities to improve our business and operate more efficiently while keeping a constant focus on customer service and the maintenance of our properties. As a result of these efforts, we reported a consolidated Adjusted EBITDA(1) margin of 22.5% for the three months ended March 31, 2010 compared to 22.3% for the three months ended March 31, 2009," according to Ned Martin, Chief Financial Officer.

The Stratosphere reported an overall decrease in Net revenue due to decreases in occupancy, average daily room rate, and an overall decrease in spend by guests.  Although Net revenue has continued to decline at Stratosphere, the year-over-year decrease for the three months ended March 31, 2010 was approximately 10.8% compared to a year-over-year decrease of 21.9% in the three months ended March 31, 2009.

Arizona Charlie's – The Arizona Charlie's properties reported an overall decrease in Net revenue with the greatest percentage impact occurring due to decreases in occupancy and average daily room rate. Although Net revenue decreased at Arizona Charlie's, the year-over-year decrease for the three months ended March 31, 2010 was approximately 7.7% compared to a year-over-year decrease of 15.0% in the three months ended March 31, 2009.

The Aquarius – The Aquarius increased Net revenue 3.3% year-over-year for the three months ended March 31, 2010 compared to a year-over-year decrease of 13.5% for the three months ended March 31, 2009.


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