Caesars H1 loss widens despite increased Las Vegas revenue
Caesars Entertainment has reported a 6% year-on-year net revenue growth for H1, to $4.34bn, crediting "solid performance" in Las Vegas.
Q2 revenue also rose 5% to $2.22bn, with both the hotel and food & beverage verticals performing well for the operator.
Net income from operations grew 25% to $509m for H1, despite a 5% fall to $269m for Q2.
However, net loss attributable to Caesars was $532m for H1, up from $5m, with Q2 income falling from $29m in 2018 to $315m, due to derivative liability-related costs.
Ahead of Caesars’ proposed $17.3bn merger with Eldorado Resorts, Tony Rodio, Caesars Entertainment CEO, reiterated his focus on "improving the company’s operations and financial profile."
He 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.
"These results were partially offset by competitive pressures in Atlantic City and other parts of our regional portfolio, as well as unfavorable hold predominately at Caesars Palace."
Gambling Insider recently spoke exclusively with Jim Murren in Las Vegas; read the MGM Resorts International Chairman & CEO’s thoughts on the Eldorado-Caesars merger here.