Caesars reports reduced income

Major US operator Caesars Entertainment has posted fourth-quarter results showing net income dropping by US$502m, from $198m in profit to a loss of $304m.

The group, that includes the Caesars, Harrah’s and Horseshoe brands, reported that net revenues were up by 2.6 per cent ($54m), from $2.12bn to $2.17bn.

For the full year, revenues were up 4.2 per cent or $351m, from $8.39bn to $8.74bn. Net income was down $1.5bn from an income of $303m to a loss of $1.2bn.

The company completed the sale of the Rio Hotel and Casino for $516.3m in December, although Caesars will continue to manage and operate the venue for another two years. It merged with Eldorado Resorts in November. Caesars also sold its Harrah’s Reno for $50m.

The group’s president and CEO, Tony Rodio, said: “Caesars Entertainment delivered another quarter of solid operational performance. Caesars’ results were largely driven by the strong demand at our Las Vegas properties, excellent cost controls, and the addition of sports betting in several states which drove increased visitation. In addition, our focus on costs and operating efficiencies across the company contributed to the excellent performance.”