The company’s net loss is ten times greater than what analysts expected.
US.- Caesars Entertainment Corporation released its fourth quarter and full year financial results, where they reported US$949 million of revenue, almost a billion and a half less than what Fact Set had predicted.
For the full year, Caesars reported a net loss of $2.5 billion, whilst they also experienced a 3 percent increase of net takings during the fourth quarter to US$949 million. Mark Frissora, President and Chief Executive Officer of Caesars Entertainment, said: “Caesars Entertainment delivered a second consecutive year of solid operational improvement and margin expansion driven by strong performance in Las Vegas, our largest market, and continued productivity improvements. We also generated record full year cash hotel revenues as we renovated over 8,000 rooms domestically since 2014.”
Frissora also commented that this year they intend to deliver additional cash flow and margin improvements whilst completing CEOC’s restructuring. “These actions will allow us to continue to generate more value for our stakeholders as we execute against our long-term plan,” he concluded.