Caesars Interactive owner reports net income fall

ars Growth Partners (CGP), owner of four casino properties and Caesars Interactive Entertainment (CIE), has reported a 71% year-on-year drop in net income from continuing operations to $20.5m for the three months ended September 30.

Caesars Growth Partners is a joint venture between Caesars Acquisition Company and Caesars Entertainment Corporation.

Total net revenues went up 24% to $601.2m and adjusted EBITDA increased 60% to $168.6m.

Income from operations was $86.2m, up from $82.1m.

Net loss from discontinued operations was $14.6m, which the operator put down to CIE’s operations of a development studio in Belarus, with its operations ending in the fourth quarter of 2014.

CGP acquired Bally’s Las Vegas, The Cromwell, The LINQ Hotel & Casino and Harrah’s New Orleans from subsidiaries of Caesars Entertainment Operating Company (CEOC) last year, and CEOC filed for Chapter 11 bankruptcy in January.

Casino properties and developments net revenues saw a 26% upturn to $406.7m.

Net revenues for CIE ascended 20% to $194.5m, which has been attributed to growth in CIE’s social and mobile games, while CIE’s net income from continuing operations was $25.7m, in comparison with net loss of $2.9m for the same period last year.

Mark Frissora took over as Caesars Entertainment president and CEO in July, replacing Gary Loveman, who had been in the position of CEO since 2003.