Caesars Reports Losing $1.756 Billion In Q4Loss More Than Quadruples Year-Over-Year |
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Caesars Entertainment Corp. said this week that it lost $1.756 billion in the fourth quarter of last year, the Las Vegas Review-Journal reported.
Atlantic City was largely to blame, according to the report.
The massive loss was posted after the company saw more than $2 billion in revenue during the period, which ended on Dec. 31.
The fourth quarter of 2012 had the company lose $435.8 million.
Caesars has debt of $20.9 billion, tops in the gaming industry. It has been making moves for quite some time to reduce that figure. Progress has been made.
The World Series of Poker is under Caesars’ umbrella of ownership. The firm’s division that deals with online gambling also has products launched in Nevada and New Jersey.
The fourth quarter loss came despite net revenue gains in Las Vegas.
“While the operating environment remained challenging in the fourth quarter, we are encouraged by volume and visitation trends in our core market of Las Vegas,” CEO Gary Loveman told investors. “We are optimistic about the prospects for Las Vegas.”
For calendar year 2013, Caesars brought in $8.559 billion in revenue.
The casino developer owns and operates dozens of casinos across the country.
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