Las Vegas Sun

November 16, 2018

Currently: 49° — Complete forecast

Stratosphere to lay off workers, halt pay increases

American Casino and Entertainment Properties, owner of the Stratosphere and Arizona Charlie’s casinos, announced cost-cutting efforts today that will reduce staffing levels.

It also will halt pay increases and the company’s 401k match program.

The company hasn’t released information on the number of staffers who will lose their jobs.

“The current economic conditions affecting Las Vegas and the gaming industry have made it necessary for ACEP to adjust staffing levels and expenses to reflect the business demand we are experiencing. We held out as long as possible. Our goal is that the expense reductions will help us to maintain as many jobs as possible as we move forward,” said Frank Riolo, chief executive officer for American Casino & Entertainment Properties.

American Casino and Entertainment Properties operates three Las Vegas properties, as well as the Aquarius Casino and Resort in Laughlin.

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