Caesars reports second quarter financial results

Caesars Entertainment has reported that net revenues increased US$103 million in the second quarter of the year.

US.- Caesars Entertainment has revealed positive results for the second quarter of the year. Net revenues increased US$103 million, mainly because of a US$82 million increase post-acquisition of Centaur. Excluding the latter, US net revenues were US$935 million in Q2, or a decrease of US$47 million from 2018.

The company reported that as Vegas net revenues increased US$10 million due to higher hotel and food and beverage revenues. Unfavourable hold predominately at Caesars Palace and weak table game volumes, excluding baccarat, offset the increase.

Income from operations decreased by US$13 million. This was mainly because of a US$50 million impairment charge related to gaming rights at Caesars Entertainment UK properties.

The CEO said the results were solid

Tony Rodio, CEO of Caesars Entertainment, said: “Caesars delivered solid financial results in the second quarter driven by the contribution from Centaur and strength from our Las Vegas hotel and food and beverage businesses. Our Las Vegas performance was the result of strong group and leisure demand. They produced an all-time quarterly record for hotel cash revenue and occupancy for the second consecutive quarter. These results were partially offset by competitive pressures in Atlantic City and other parts of our regional portfolio. [As well] as unfavourable hold predominately at Caesars Palace.

“As we work toward successful completion of the proposed merger with Eldorado Resorts, the management team and I remain focused on improving the company’s operations and financial profile through incremental revenue opportunities and operating efficiencies. I’m confident that the proposed transaction will create an industry-leading platform poised to succeed in our dynamic industry.”