Caesars Entertainment Reports Strong Financial Results for the Third Quarter of 2017
Caesars Entertainment Corporation reported a 3.8% year-on-year increase for its net revenues for Q3. The company reported $939 million for net revenues, but declared a loss of $460 million for the period due to its restructuring of the Operating Company. The restructuring plan started a couple years ago with the company having diversified growth because of its debt creditors and bankruptcy actions.
Caesars Entertainment Corporation President and Chief Executive Officer, Mark Frissora released the following statement, “Revenue growth accelerated in the third quarter, led by a 10.4% improvement in Caesars Palace gaming revenue. Despite $10-15 million of unfavourable year-over-year hold, our GAAP operating income and enterprise-wide adjusted EBITDA margins improved to 8.7% and 29.2%, respectively, supported by increased gaming volume across our domestic properties, solid hospitality performance, and improved labour productivity.”
Frissora added, “We were also pleased to have completed the restructuring of CEOC and merger with CAC on October 6, simplifying our business and allowing us to turn our full attention to our growth initiatives. Our future appears bright with a much improved balance sheet, approximately $2 billion in cash, and strong free cash flow. We are well positioned to continue to invest in our core business and pursue a more diversified growth strategy.”