Caesars reports net revenue boost
Casino operator Caesars Entertainment Corp. (CEC) has posted a 21% net revenue increase year-on-year for the first quarter of 2015.
The total of $1.1bn has been reported as net revenue for continuing CEC operations and all figures that have been released exclude the results after 15 January from its subsidiary Caesars Entertainment Operating Co., which was deconsolidated following the company’s filing for bankruptcy.
CEC has in part put the overall net revenue climb down to a 42% upturn in net revenue from its Caesars Interactive Entertainment (CIE) operations to $177m.
Net income attributable to CEC totalled $7.72bn, in comparison to a $386m loss for the same period last year.
Casino revenue is up 22% to $549m, while income from operations is up 31% to $135m and adjusted EBITDA rose 37% to $301m.
Outgoing CEC chairman and CEO Gary Loveman said in a press release: “Our first quarter results were driven by strength in CIE’s social and mobile games business, contributions from new hospitality amenities and favourable hold. These factors, coupled with improved margins due to cost savings initiatives, drove improved adjusted EBITDA performance across all segments of our business.
“While we are pleased with our first quarter performance, we are focused on driving further same-store revenue growth, effectively managing expenses and making critical hospitality investments to position the business for long-term growth.”
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