Stronger gaming performance narrows Caesars 17Q2 loss

Caesars Entertainment Corporation saw net loss narrow to US$1.4 billion in the second quarter of 2017,  reflecting lower adjustments related to the restructuring of Caesars Entertainment Operating Company, Inc. (CEOC).

Net revenues for the casino company increased 1 percent year-on-year to $1 billion, mainly due to higher volumes across properties, strong hotel performance in Las Vegas and incremental revenues from operational initiatives.

Revenue growth was partially offset by the results of its Baltimore facility, due to the presence of a new competitor this year.

Adjusted EBITDA remained flat year-on-year, reaching $289 million.

“In the second quarter, stronger gaming fundamentals across most of our properties were offset by expected unfavorable year-over-year hold, primarily in baccarat, and the impact of more hotel rooms off the market for renovation,” said Mark Frissora, president and chief executive officer.