Caesars reports $1.2bn net income loss

Caesars reports $1.2bn net income loss

Caesars Entertainment has reported the fourth quarter and all year 2019 financial results.

US.- Caesars Entertainment Corporation reported this week the fourth quarter and full-year 2019 results. Last year, the company’s net revenues rose 4.2% to US$8.74 billion.

Full-year income from operations decreased 16.4%, or US$121 million, from US$739 million to US$618 million. Net revenues increased 4.2%, or US$351 million, from US$8.39 billion to US$8.74 billion. Net income declined US$1.5 billion, from US$303 million to a loss of US$1.2 billion.

“Caesars Entertainment delivered another quarter of solid operational performance,” said Tony Rodio, President and Chief Executive Officer of Caesars Entertainment. Moreover, he added that Caesars’ results were largely driven by the strong demand at the Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation. And he added: “In addition, our focus on costs and operating efficiencies across the company contributed to the excellent performance.” he added.

Fourth-quarter results

Fourth-quarter net revenues increased 2.6%, or US$54 million, from US$2.12 billion to US$2.17 billion. Income from operations increased 77.0%, from US$100 million to US$177 million. Net income decreased US$502 million, from income of US$198 million to a loss of US$304 million.

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