Caesars released financial results
The casino operator reported a 3 percent increase in Q3 revenue.
US.- Caesars Entertainment Corporation released its financial results of the third quarter of 2016. The results don’t include numbers from Caesars Entertainment Operating Company or other subsidiaries.
The Caesars Entertainment Operating Company filed for reorganisation under bankruptcy in early 2015, and a plan to restructure the company was agreed upon with creditors last month, which is set to conclude in mid 2017. Caesars reported a US$2 billion loss in the second quarter, and from June to September the company managed to gain net revenue of US$986 million, a 3 percent year on year increase.
EBITDA rises 9.5 percent to US$287 million, a growth that comes to life after increased revenue and efficient initiatives. President and Chief Executive Officer of Caesars Entertainment Mark Frissora said: “We achieved another solid quarter of performance, with a 3 percent increase in revenues paced by strong results in Las Vegas, our largest market.”
“We also continued to expand margins, a testament to the progress we have made to manage costs effectively while delivering enhanced customer service. Going forward, we remain focused on driving a balanced agenda of revenue growth and productivity gains to increase margins and cash flow. Our progress year to date gives us confidence that we are on the right path as we strive to maximize value for our stakeholders,” he added.
