American Casino & Entertainment Properties

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American Casino & Entertainment Properties is a wholly owned subsidiary of American Real Estate Partners with its headquarters in the Stratosphere Las Vegas^[1]. ACEP is a casino holding company.^[2]

1 History
2 Casinos
3 References
4 External links

[edit] 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 site (Traymore site) in Atlantic City, New Jersey to AREP Boardwalk Properties LLC. 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.

On April 23, 2007 it was announced that the company was being sold to an investment fund managed by Goldman Sachs for $1.3 billion.^[3]^[4] The sale is subject to approval of the Nevada Gaming Commission and the Nevada State Gaming Control Board. Carl Icahn claimed that the four properties were acquired for $300 million.^[4]