Caesars Reports Q2 Loss Of $466.4 MillionCaesars Hasn't Posted A Profit Since Late 2009 |
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Caesars, which hasn’t posted a profit since 2009, reported a second-quarter loss of $466.4 million, compared with a prior-year loss of $212.2 million, The Wall Street Journal reported.
Caesars has an industry-high of more than $20 billion in debt.
According to the report: For the quarter, overall revenue for the company rose three percent to $2.19 billion, but gaming revenue fell 1.9 percent to $1.38 billion.
Gaming revenue growth was achieved in its social and mobile gaming business.
Caesars owns the WSOP brand and has online gaming in Nevada and New Jersey.
The company added that operating expenses rose 4.5 percent to $2.08 billion and interest expenses grew 21 percent to $653.7 million.
Caesars will soon be opening a casino in downtown Baltimore and closing one in Atlantic City. The firm hasn’t yet ventured into Macau, the world’s top gambling hub.
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