Caesars reports slight loss in 2017
Caesars Entertainment Corp recorded a slight net loss of US$375 million in 2017 due to restructuring expenses.
US.- 2017 might have not been the best year for Caesars Entertainment Corp operations , with the company reporting a net loss of US$375 million. However, the main reason behind it was a US$2 billion tax benefit offset by US$2.3 billion on restructuring expenses and debt extinguishment.
Last year, net revenues reached US$4.85 billion, posting an increase of 25.1 per cent year-on-year. It was mainly driven by an increase in casino revenue, which reached US$2.9 billion in 2017, jumping 31.6 per cent.
President and CEO Mark Frissora said: “Same-store gaming revenues increased company-wide for the full year despite unfavourable hold of approximately US$80 million. Non-gaming revenues and Las Vegas RevPAR increased for the full year, driven by room renovations and overall strength of our hospitality assets.”
After restructuring expenses and extinguishing debt, Caesars is set to recover from last year’s net loss. Furthermore, Mr Frissora has met with Japanese authorities and the company could win an IR bill should legislation get passed in the Island.
