Luminescent solar concentrators (LSCs) utilizing stimulated emission by a seed laser are a promising approach to overcome the limitations of conventional LSCs, with a significant reduction of the photovoltaic material. In our previous work, we demonstrated the principle of a stimulated LSC (s-LSC) and correspondingly developed a model for quantifying the output power of such a system, taking into account different important physical parameters. The model suggested Perylene Red (PR) dye as a potential candidate for s-LSCs. Here, we experimentally investigate the gain of PR-doped polymethyl methacrylate (PMMA) required for s-LSCs using a single pump wavelength (instead of the solar spectrum) as a proof of principle. The results found from the experiment are well matched with the previously developed numerical model except for gain saturation, which occurs at a comparatively small seed laser signal power. To investigate the gain saturation, two approaches were taken: investigating (i) spectral hole burning and (ii) triplet state absorption. Experimental investigation of spectral hole burning with PR dyes showed a small effect on the gain saturation. We developed a general state model considering triplet state absorption of the PR dyes for the second approach. The state model suggests that the PR dyes suffer from significant triplet state absorption loss, which obstructs the normal operation of the PR-based s-LSC system.