Caesars’ losses widen losses despite interactive division performance

US operator Caesars Entertainment Corporation has reported an increase in activity for its interactive entertainment division, but a widening loss from continuing operations across the whole business.

Caesars’ interactive entertainment unit reported a significant rise in revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) in the latest quarterly figures, through to the end of June
Revenues for the segment rose by 95.4% from $74 million (€55.5 million) to $144.6 million in comparison with the corresponding quarter in 2013, to leave revenues for the first half of 2014 at $268.8 million.

EBITDA for the quarter more than doubled from $20.1 million to $44 million.

Caesars’ overall net revenues for the second quarter increased by $105.8 million or 31.8% compared with 2013.

However, the company reported a second-quarter loss of $466.4 million in comparison with a loss of $212.2 million for the same three months in 2013, with a strong land-based performance in Las Vegas offset by softness in Atlantic City and other regional markets.

Last week it emerged that representatives of a group of bondholders that own debt in a division of US operator Caesars Entertainment Corporation had begun talks over restructuring its borrowings. The investors own portions of Caesars’ $6.35 billion (€4.74 billion) of first-lien bonds.

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