Business Services Industry
Nevada Hotel-Casino's Holding Firm Posts Earnings Increase in Second Quarter.
Knight Ridder/Tribune Business News, August, 2002
Las Vegas Review-Journal Knight Ridder/Tribune Business News
Aug. 16--Earnings at Stratosphere Corp., holding company for the Stratosphere hotel-casino, soared in its second quarter ended June 30 compared with the same period a year ago.
In its 10-Q report, filed Wednesday with the Securities and Exchange Commission, the company reported profits of $1.2 million, up from $237,000 in the second quarter of 2001. Earnings per share increased more than fivefold to 59 cents from 12 cents.
The company attributed the improved performance to the expansion of its hotel by 1,000 rooms to 2,444 units in 2001 rather than to underlying business trends.
The added hotel rooms helped increase revenue for the Stratosphere casino and its...
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