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Caesars Financial Results Announced

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Caesars Entertainment Corporation (CEC) announced second quarter of 2017 results. Net revenues for CEC increased 1.0% year-over-year to $1.0 billion, mainly due to higher volumes across most properties, strong hotel performance in Las Vegas and incremental revenues from operational initiatives.

Net loss for CEC, before including the effect of non-controlling interest, was $1.4 billion, reflecting a $617 million improvement compared to the second quarter of 2016, primarily attributable to lower adjustments related to the restructuring of Caesars Entertainment Operating Company (CEOC). Adjusted EBITDA for CEC was flat year-over-year at $289 million.

Mark Frissora, president and C.E.O., comments, “We currently expect to complete the restructuring of CEOC and the merger of Caesars Entertainment and Caesars Acquisition in the first week of October, which will allow us increased flexibility to prudently invest in growth.”

Read more CEOC bankruptcy news.