Caesars losses continue to grow
By MarketWatch
Caesars Entertainment Corp.’s fourth-quarter loss widened sharply as the casino operator recorded $1.96 billion of asset impairment charges, though revenue improved.
The asset-impairment charges stemmed from deteriorating market conditions in Atlantic City and potential changes in the expected useful life of certain property assets, the company said.
Operationally, revenue fell for the company’s casino segment on increased regional competition and continued softness in the domestic gaming market in some U.S. markets outside of Nevada, along with the reduction of revenue from the partial sale of the company’s Conrad Punta del Este casino in Uruguay in the second quarter of 2013. This revenue decline was offset by growth for the company’s food and beverage, and rooms segments, as well as management fees.
Caesars is the parent company of Harrah’s Lake Tahoe and Harveys.
Buried in the convoluted financial report is this: $406m in revenue, but with $575m in interest expense for a total of $169m worth of burnt thru cash in the 4th Qtr. alone!
I wouldn’t build any loop road to cater to that sinking company, let alone expect them to turn around Tahoe’s Gaming Market. We badly need a revitalized Horizon just to have any kind of hope!
move along folks nothing to see here. is this a surprise? I worked for the casinos for 8 years and MY experience was that the inmates are definitely running the asylum…
Want to see the future of gaming in Tahoe? Take a look at Crystal Bay.