Caesars shares financial results
Caesars Entertainment published this week its complete report on the second quarter of 2018.
US.- Caesars Entertainment Corporation reported this week the second quarter of 2018 results, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis. As published in the North American casino company, second-quarter net revenues increased US$1.11 billion, from US$1.01 billion to US$2.12 billion, due to the inclusion of the results of CEOC, LLC (CEOC), which emerged from bankruptcy in the fourth quarter of 2017.
Furthermore, net income improved US$1,461 million, from a net loss of US$1,432 million to net income of US$29 million, due to restructuring charges in the prior year. CEC subsidiary executed a US$1 billion one year forward interest rate swap, increasing its fixed debt percentage to 60 per cent, as the report shows.
Meanwhile, same-store net revenues improved 2.8 per cent, or US$57 million, from US$2.06 billion to US$2.12 billion. Same-store adjusted EBITDAR increased 13.1 per cent or US$72 million, from US$551 million to US$623 million, driven by revenue growth in gaming and hospitality, and operating cost reduction.
”We delivered solid second-quarter results, led by strong gaming and hospitality performance in Las Vegas, where we have completed renovating 60 per cent of our 23,000 hotel rooms since 2014. The results also reflect balanced, robust cost management and growth strategies,” said Mark Frissora, President & Chief Executive Officer. “Caesars remains positioned for sustained revenue and EBITDAR growth, and starting this quarter we begin to realise the benefits of the Centaur acquisition, which closed on July 16th, and new sports betting businesses in New Jersey and Mississippi.”
“Our strong operating performance and growth initiatives support a robust free cash flow profile, which positions the company well for sustained growth in the coming quarters and years,” added Eric Hession, Executive Vice President and Chief Financial Officer. “We are committed to maintaining our strong balance sheet and to executing on our disciplined capital allocation strategy to maximise value for shareholders.”
