History
Shortly after opening the Stratosphere Las Vegas on April 30, 1996, the Stratosphere Corporation was forced to file for bankruptcy. After acquiring a majority of the bonds, ACEP gained control of the casino.
On November 29, 2005 Harrah's Entertainment announced plans to sell the Flamingo Laughlin casino to ACEP. The $170 million sale closed on May 19, 2006 and included the sale of the 7.7-acre (31,000 m2) Traymore Hotel site in Atlantic City, New Jersey to AREP Boardwalk Properties. Plans called for the property to be renamed the Aquarius within 6 months of the sale. The Flamingo Laughlin became the Aquarius in October 2006. In November 2006, The Traymore Hotel site was sold independently by AREP to Pinnacle Entertainment.
On April 23, 2007 it was announced that ACEP was being sold to Whitehall Street Real Estate Funds, an investment fund managed by Goldman Sachs for $1.3 billion. Carl Icahn acquired the four properties for $300 million. Final sale was completed on 21 February 2008. Although revenue for 2008 has only slipped by 4.47% from 2007, the interest costs of acquisition has turned ACEP a money losing operation.
Read more about this topic: American Casino & Entertainment Properties
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