Caesars released Q3 results
The casino operator released its 2017 third quarter results, which show a net loss of US$460 million.
US.- Caesars Entertainment released the 2017 third quarter results that show a net loss of US$460 million. Net revenue was also flat at US$1 billon for the three month period, whilst EBITDA improved significantly.
On a same-store basis, net revenue increased 3.8 percent, specially boosted by strong gaming volume, hotel performance and an increase in revenue from operational initiatives. On the other hand, EBITDA rose 12.6 percent in the three month period to US$303 million.
President and CEO of Caesars Entertainment, Mark Frissora, said that revenue grew in the third quarter driven by a 10.4 percent increase in gaming revenue at Caesars Palace. “Despite $10-15 million of unfavorable year-over-year hold, our GAAP operating income and enterprise-wide adjusted EBITDA margins improved… supported by increased gaming volume across our domestic properties, solid hospitality performance, and improved labor productivity.”
Last week, the company revealed that it appointed William Shen as the new managing director and representative officer of Caesars Entertainment Japan. Shen will be the executive responsible for Caesars’ overall efforts in Japan at the company’s office in Roppongi, Tokyo. The official has been in charge of Caesars’ operations in South Korea and will continue his work with the IR project in Incheon.
