Caesars Entertainment Reports a Significant Net Loss for the First Half of the Year
Despite year-on-year net revenue increases, Caesars Entertainment reported a significant net loss for the first half of 2019. The gaming operator reported a loss of $532 million for the first 6 months. Generated revenues for the same period were up from $4.09 billion to $4.34 billion but is still a loss for the company. Casino operations was the biggest source of income for the company. Casino operation income rose to $2.21 billion with its Las Vegas market taking control of all land-based operations.
Caesars’ food and beverage revenues seen a slight increase earning $805 million, compared to $774 million last year, and its hotel room sector earning more than $790 million. Caesars did note in its report that with its operating expenses they spent a total of $3.83 billion during the first six months while direct casino costs were up to $1.25 billion. An additional charge of $50 million was reported for its intangible assets. Depreciation and amortization costs did decrease a bit to $488 million. With higher losses in certain areas of the company the net loss impacted the total numbers and earnings. Loss before tax jumped a great deal to $622 million.