Mixed earnings report for Caesars
By J.D. Morris, Las Vegas Sun
Caesars Entertainment, the casino giant behind many resorts on the Las Vegas Strip and two at Lake Tahoe, reported its first quarter earnings Thursday.
Revenue of $1.2 billion is an increase of 6.7 percent from the first quarter of 2015. However, that doesn’t include results from Caesars Entertainment Operating Co., or CEOC, the company division that filed for bankruptcy in January 2015. Including that division, Caesars had net revenue of $2.3 billion, up 4 percent.
The company reported a net loss of $308 million, compared to reported earnings of $6.8 billion in the first quarter of 2015.
Caesars CEO Mark Frissora said on a conference call with analysts that growth in his company’s interactive business was a highlight of the quarter, as was a “strong increase in lodging revenues,” specifically at the Linq hotel.