The inclusion of Caesars Entertainment Operating Co Inc following its emergence from bankruptcy late last year has helped Caesars Entertainment Corp to a US$1.11 billion increase in revenue in 2Q18, up to US$2.12 from US$1.01 billion in the same period last year.
Net income improved to US$29 million from a net loss of US$1.43 billion in 2Q17 due to restructuring charges in the prior year.
Same-store net revenues improved 2.8% to US$2.12 billion while same-store adjusted EBITDAR increased 13.1% to US$623 million, driven by revenue growth in gaming and hospitality plus operating cost reduction.
“We delivered solid second quarter results, led by strong gaming and hospitality performance in Las Vegas, where we have completed renovating 60% of our 23,000 hotel rooms since 2014. The results also reflect balanced, robust cost management and growth strategies,” said Caesars President & CEO Mark Frissora.
“Caesars remains positioned for sustained revenue and EBITDAR growth and starting this quarter we begin to realize the benefits of the Centaur acquisition, which closed on 16 July, and new sports betting businesses in New Jersey and Mississippi.”
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