Caesars Entertainment revenue declines
By Richard N. Velotta, Las Vegas Sun
Caesars Entertainment narrowed its losses during the first quarter but still saw revenue fall 2.9 percent, from $2.21 billion to $2.14 billion, and experienced a net loss of $216.7 million.
The company, which operates 13 Nevada casinos, including two in Stateline, and eight in Las Vegas that are open and a ninth that’s being renovated, said income from its Nevada properties fell 13.2 percent, while revenue was off 2.6 percent.
Executives reported a net loss of $1.74 a share. During the same quarter last year, the company reported a net loss of $2.24 a share, or $281.1 million.
Caesars is the world’s most geographically diverse casino company. It operates commercial and tribal casinos, racinos and riverboats in 13 states and a Canadian province and on three continents.
It doesn’t take a financial genius to see that continued losses and continuing declining revenue does not bode well for the health of one of our town’s major employers! You’d think this trend line would lead Caesars Corp. to change its focus from trying to cut its way to prosperity and playing financial games (as pointed out in a previous LTN story), to building a desirable product where people will want to go and spend money?
And Harrah’s/Harveys new plan to stick their hotel guests with a $20/night ‘resort fee’, shows how desperate they are to generate revenue, but yet still failing to understand their underlying problem!