Caesars Sees $908 Million Loss In Third QuarterFirm Had Uptick In Revenue, But Still Lost More Year-Over-Year |
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Caesars Entertainment Corp., one of the largest casino developers on the planet, saw a net loss of $908.1 million in Q3, which ended Sept. 30, the firm said Monday.
The firm lost $761.4 million in the third quarter of 2013.
Caesars actually had a revenue gain of six percent, but still had a huge loss.
Caesars has debt of $22.88 billion, down from $24.2 billion earlier this year. Its debt load is a gaming-industry high, and the firm has long been in talks to restructure it.
Despite the loss, the firm’s CEO is apparently in good spirits.
“Our third quarter results reflect strength in the interactive business, stabilizing trends regionally, and generally good performance in Las Vegas considering an operating income impact of over $35 million due to unfavorable hold at Caesars Palace,” Gary Loveman, chief executive officer and president of Caesars, said in a statement.
“Moving forward, we see several dynamics that bode well for our future including signs of improvement in regional markets given limited supply growth and greater traction from our investments in hospitality and entertainment offerings across our network. We expect progress on these fronts to yield a positive effect on our business, as we continue capital structure initiatives intended to reduce leverage at CEOC.”
The firm’s revenue from online gaming was $161.6 million.
Caesars closed one of its casinos in Atlantic City this fall, but it also opened a casino in downtown Baltimore. It operates more than 50 casinos nationwide.
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