Stratosphere parent company sale approved

The USD 1.3 billion sale of the Stratosphere’s parent company to an affiliate of Goldman Sachs was approved Thursday by the state Gaming Commission. Whitehall Street Real Estate Funds is buying Entertainment Properties, a gaming subsidiary controlled by billionaire corporate raider Carl Icahn.

American Casino is the parent company of both Arizona Charlie’s casinos and the Aquarius in Laughlin. The gaming company will continue day-to-day operations under current Chief Executive Officer and President Richard Brown, who has held the position for eight years, and the property managers already in place.

Jonathan Langer, a Goldman Sachs managing partner working with the Whitehall fund, told commissioners the firm plans to use American Casino as a platform to make other gaming acquisitions in Nevada. Whitehall holds a 40 percent share in the Las Vegas Hilton. The deal is expected to close February 12.