We consider a two-photon laser in a cascade configuration coupled to an ordinary vacuum reservoir via a partially transmitting mirror. The impacts of the dephasing and the phase fluctuation on the entanglement, two-mode squeezing, and the intensity of the intracavity radiation are studied at steady-state. It so happens that the initial atomic coherence is the cause for the quantum properties of the cavity radiation even in the presence of the decoherence. We show that the dephasing rates and the phase fluctuations hurt the amount of squeezing and entanglement of the intracavity radiation. However, the dephasing rate leads to an increase in the intensity of the cavity radiation. Moreover, the phase fluctuation degrades the intensity of the intracavity radiation near to the initial maximum atomic coherence and it enhances otherwise.
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