Caesars Entertainment reports major third quarter losses

By David Cook
Casino operator Caesars Entertainment Corp. has reported widened losses of $908.1m for the third quarter of 2014.

The company’s debt, an industry high of $22.8bn, has been cut from $24.2bn in June, leading to legal battles with investors who do not see how it can be cleared.

Stock has also declined 46% this year.

Caesars put its losses down to interest expenses, a reduced tax benefit and poor revenue growth at its casinos, while its Showboat casino in Atlantic City closed in August.

Improvements have been made on the interactive side of the business however, as Caesars Interactive Entertainment (CIE) has seen its net revenue double year-on-year for Q3.

The figure now stands at $161.6m, while EBITDA is also up 74.5% on last year.

The subsidiary's financial growth has followed the acquisition of Pacific Interactive in February, as well as growth from its mobile and social games, which averaged an approximate 595,000 monthly unique players.

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