Caesars blames slowing economy for nasty second quarter
By Forbes
Caesars Entertainment posted second quarter results after the bell on Monday, missing top and bottom line estimates as its losses widened. The company blamed the slowing economy, along with lower trip activity and spend per trips in their properties for the disappointing results.
The casino and hotel operator posted a net loss of $241.7 million, down from a $155.56 million loss a year ago. In a per share basis, Caesars’ shareholder lost $1.93, a wider loss than the 83 cents expected by analysts. Adjusted EBITDA, a measure of cash flow, slid 2.6 percent to $512.4 million.
Caesars, which still has no properties in Macau, the world’s largest casino market, saw revenues stay pretty much flat at $2.17 billion, falling shy of the $2.32 billion estimate.
Caesars is the parent company of Harrah’s Lake Tahoe and Harveys at Stateline.
And they want a loop road to bring who in the back door?
Bob they want a loop road so they can have entertainment other than gambling such as street concerts or barbecue festivals or any number of events that could take place if there wasnt a state highway running right through the middle of our entertainment corridor.
And the city of south lake tahoe could have the same street concerts, bbq festivals and other events, if the city makes sure the loop road is done right.
And the last time the city did something right was??. When
Yeah, lets tear down some houses and displace some people so we have a BBQ spot! lol :)
Care, so you prioritize delapidated housing for a couple hundred over the economy for thousands. Moreover, instead of coming up with an intelligent or well thought out response you came up with a quip that misrepresents what I wrote. Nice. Is that really your best thinking?
Boone, I dont know what to say to that. Its a very sad but very fair comment. Maybe it is impossible to do the loop right with the city involved and its impossible to do the loop without the city involved. Darn paradox.
The damage to the casinos has been mostly self-inflicted by the corporatization of their operations. People who do not know what they are doing are making the decisions. They have destroyed their product while protecting their bonuses.
Last Saturday I was in Victorian Square in Sparks.
The open-air large sidewalk pedestrian friendly atmousphear appeared to have failed.
Many of the busnessies were closed and the football field size tranist center was empty.
Could the proponents of the new casino core give an explanation of what went wrong in Sparks and why it would be differant in Tahoe?
GET USE TO IT,WE ARE A RESORT TOWN,YOU LIVE OFF THE FEW HOILDAYS THAT HAPPEN,THEN YOU GET REALLY TIGHT WITH MONEY,TRY MAKE IT LIKE THE DONNER PARTY DID,TRY NOT TO EAT EACH OTHER.
There is no real fix to how people spend their money on anything anymore,only the reality that everything cost more ,because people spend less,they just don’t have it anymore,the boomers are old tired know time not on their side.
The younger people have some outward morals that people of conscious can’t get used to.
Summer and it’s part time jobs ,kids out school are coming to a fast hault and you’ll see it coming soon as the last summer labobday comes early.It get damn lonsome for business.
Peace