Caesars’ revenue up, but loss widens on interest costs
By Steve Green, Las Vegas Sun
Hotel-casino operator Caesars Entertainment Corp. of Las Vegas said Wednesday that revenue increased in the fourth quarter, though the company posted a higher net loss from a year earlier.
Overall revenue of $2.172 billion was up 2.4 percent from the year-ago quarter.
Revenue is up for the parent company of Harrah's and Harveys at Stateline. Photo/LTN file
But Caesars posted a net loss of $220.6 million, or $1.76 per share, compared with a loss in the year-ago quarter of $196.7 million, or $1.71.
The higher loss in the 2011 quarter was caused partly by higher interest expenses, which increased from $509.7 million to $673.9 million on a year-over-year basis.
Caesars, which has properties around the country including Harrah’s Lake Tahoe and Harveys, said its Las Vegas resorts were hurt by “relatively flat trips (number of visits) and a decrease in spend per trip.”
Given how run down the Tahoe properties are this is no suprise.
Bigger not always better.
Plus they just not too long ago started selling stock shares again.They took that Hurrahs logo off the checks cause it was tacky.
Sure didn’t hurt the up stairs play with me babies sitting around commenting on the www sights,not answering the cell phone when the Chiefs calls.
Dig dong the wicked witch is dead ,Haven’t you heard? ” THE GREAT ROYAL SCAM IS OVER”!
NOW GET A JOB,BUY A HOUSE, A CAR, A VACATION,A JET, A WIFE.
Hit a Royal Flush,give it all back ,cause you’re lucky!
Caesar’s Entertainment went back to being publicly-owned and issued stock because they are in debt for about $ 22 Billion. Where else are you going to get that kind of money except from the Wall Street Casino? This is after reducing their product to the lowest quality possible, laying off staff like crazy, outsourcing jobs out of the country (accounting, of all things) and giving all their management raises and bonuses. How that works as a business plan is evident. Sound familiar?