Caesars Ent reports 1Q loss
Caesars Entertainment announced its 1Q financial results and reported a net loss of US$217 million.
US.- Caesars Entertainment reported this week its first quarter of 2019 financial results, which indicate that the company’s net revenues increased but net loss attributable to the company in 1Q was US$217 million.
During the first quarter of the year ended March 31, net revenues increased 7.3% to US$2.12 billion. Income from operations also increased by 92% to US$240 million. However, net loss attributable to Caesars in 1Q was US$217 million, while basic loss per share totalled US$0.32.
“Caesars delivered another solid quarter of revenue and EBITDA growth, as well as margin improvement,” said Eric Hession, Executive Vice President and Chief Financial Officer. “We realised strong contributions from the Las Vegas gaming and hotel businesses, and Centaur, in addition to further operating and corporate efficiencies.
“These results were partially offset by the impact of competition in Atlantic City, and weather-related property closures. In addition, we generated strong cash flow from operations, which allowed us to pay off our US$100 million revolver balance,” he added.
