Iconic Stratosphere casino in Las Vegas changes hands

MarketsAssociated Press

The iconic Stratosphere Casino in Las Vegas is changing hands.

Its new owners, Golden Entertainment Inc., announced Monday that the fixture on the Vegas Strip skyline is one of four properties they're buying from American Casino & Entertainment Properties.

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The $850 million deal also includes Arizona Charlie's Decatur and Arizona Charlie's Boulder in Las Vegas, as well as Aquarius Casino Resort in Laughlin.

Golden will pay $781 million cash and about 4 million shares of its stock to American's owner, a real estate private equity fund managed by Goldman Sachs.

Golden Entertainment owns PT's Pub in Las Vegas as well as casinos in Pahrump, Nevada, Montana and Maryland.