- Iconic Las Vegas hotel and casino changes hands
- One of four properties purchased in an $850 million deal
Iconic casino hotel the Stratosphere in Las Vegas has been sold to new owners as part of a larger deal.
Golden Entertainment Inc announced yesterday (Monday, June 12) that they have purchased the company American Casino & Entertainment Properties in a deal worth $850 million.
Stratosphere is known for its hair-raising thrill rides, including the Sky Jump, as demonstrated below.
As part of this deal, Golden Entertainment Inc. has now acquired four new properties, one of them being the Stratosphere, which consists of a hotel, a casino and the tallest freestanding observation tower in the U.S.
The three other properties newly acquired by Golden Entertainment Inc. include Arizona Charlie’s Boulder and Arizona Charlie’s Decatur – both in Las Vegas – and Aquarius Casino Resort, which is in Laughlin, Nevada.
About Golden Entertainment Inc
The company is based in Enterprise, Nevada, and is the state’s largest operator of both taverns and slot routes.
The company is perhaps best known for its chain of PT’s taverns, of which there are more than 50 throughout southern Nevada. It was formed in 2015 following the merger of Lakes Entertainment and Golden Gaming.
Blake L. Sartini, Chairman and Chief Executive Officer of Golden Entertainment Inc, had the following to say on the deal: “This is a transformational event for our company, creating a significant gaming portfolio centered around Nevada-based casinos. We believe the American properties are poised to benefit tremendously from anticipated continued economic growth in Nevada, particularly from the continued strength in the Las Vegas market.
About the Stratosphere Las Vegas
Located just north of the Las Vegas Strip, the Stratosphere Las Vegas was opened on April 30, 1996. The tower stands 350 meters high and features an observation deck, as well as the highest bar in the city and four of the highest thrill rides in the world. The hotel has 2,427 rooms, as well as numerous bars, restaurants and a shopping mall. As for the casino, it has 80,000 square feet of gaming space, including 1,500 slot and video poker machines and 50 table games.
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