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.”