Caesars Entertainment Corp. reported a loss of $791 million in 15Q3 largely due to costs associated with the restructuring of its bankrupt subsidiary.
The company no longer includes its operating subsidiary in its results after the unit filed for bankruptcy protection earlier this year which makes it difficult to compare financial results.
But Caesars has promised $966 million to the holders of first-lien debt in the subsidiary Caesars Entertainment Operating Co. as part of its restructuring plan, leading to $935 million worth of costs in the third quarter.
Overall revenue for the casino company was up 12.4 percent compared to a year ago, not counting its bankrupt subsidiary, to $1.14 billion, and the company earned $139 million from operations.
It was the first full quarter for the company’s new Horseshoe Baltimore casino and a finished remodel at the Linq casino-hotel on the Las Vegas Strip.
“We are pleased with our continued strong performance system-wide in the third quarter, delivering our third consecutive quarter of EBITDA growth as well as our highest quarterly EBITDA margins since 2007, and industry-leading Las Vegas strip margins,” said Mark Frissora, president and CEO of Caesars Entertainment.