{"id":9342,"date":"2016-02-25T07:10:10","date_gmt":"2016-02-25T07:10:10","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2016\/02\/25\/caesars-cuts-net-loss-in-fourth-quarter\/"},"modified":"2016-02-25T07:10:10","modified_gmt":"2016-02-25T07:10:10","slug":"caesars-cuts-net-loss-in-fourth-quarter","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2016\/02\/25\/caesars-cuts-net-loss-in-fourth-quarter\/","title":{"rendered":"Caesars cuts net loss in fourth quarter"},"content":{"rendered":"


\nHoward Stutz, Las Vegas Review-Journal \u00b7 February 23, 2016 at 7:02 pm<\/p>\n

\tCaesars Entertainment Corp. said Tuesday the casino company\u2019s net loss declined in the fourth quarter but the Strip gaming giant termed the year a success following the bankruptcy filing of its largest operating division.<\/p>\n

\tThe company, which operates nine resorts on or near the Strip, said net revenue for quarter that ended Dec. 31 was $1.12 billion, an increase of 8.7 percent. The company\u2019s net revenue for all of 2015 grew 14.7 percent to $4.5 billion. Caesars said its net loss in the quarter was $76 million, compared with a loss $262 million a year ago.<\/p>\n

\tCaesars CEO Mark Frissora said in a statement the company had its best full-year of operating results since 2007.<\/p>\n

\tCaesars Entertainment Operating Co., which the company placed into a Chapter 11 bankruptcy reorganization 13 months ago, was excluded from the reported results. The operating unit includes nearly two dozen regional casinos, along with Caesars Palace, Caesars Atlantic City and Harrah\u2019s Reno.<\/p>\n

\tWhen the operating unit\u2019s net revenue of $4.7 million was factored into the results, the company\u2019s overall 2015 net revenue increased 6 percent to $9.05 billion.<\/p>\n

\tFrissora told analysts during a conference call to discuss results that he would not address any questions about the bankruptcy reorganization, which is expected to conclude sometime this summer. Caesars hopes to trim almost $10 billion of the division\u2019s $19.6 billion of long-term debt by splitting the operating unit into an operating company and a real estate investment trust.<\/p>\n

\tFrissora said higher hotel revenue, including a double-digit increase in average daily room rates, were reasons for the 2015 financial results. He said Caesars\u2019 full-year cash flow grew 46.1 percent to $1.3 billion. He said the company \u201cexceeded\u201d internal expectations.<\/p>\n

\tDuring the conference call, Frissora outlined some of the company\u2019s operating highlights in 2015, including cost savings efforts that resulted in $350 million in additional cash flow. He said the bottom line also benefited from a full year of operations from the Cromwell and Linq hotels in Las Vegas and the Horseshoe Casino Baltimore.<\/p>\n

\t\u201cWe remain focused on executing a balanced agenda of enhancing revenue growth while driving productivity gains to improve margins and cash flow,\u201d Frissora said.<\/p>\n

\tHe also outlined several capital improvement efforts for the upcoming year. Caesars plans to renovate some 4,800 hotel rooms at its Strip resorts, including Planet Hollywood, Paris Las Vegas and Harrah\u2019s Las Vegas. Another 900 hotel rooms will be upgraded in regional markets, including its Biloxi, Miss., property and Caesars Atlantic City.<\/p>\n

\tFrissora said Caesars says is trying to \u201cre-energize\u201d its core slot player and increase business from millennial gamblers by adding new table games with side wagers and introducing newly approved skill-based slot machines.<\/p>\n

\tShares of Caesars were down 21 cents or 2.72 percent to close at $7.52 on Nasdaq.<\/p>\n

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Replies:<\/h3>\n
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Posted by:<\/strong> Chuco on February 26, 2016, 3:27 pm<\/p>\n

Majority of those numbers are the resort fee ripoff. Wait til they incorporate the new parking fees into the bottom line. IMHO I think their cooking the books. Are they accounting the failure of the Ballys bazaar yet? Wait til the failure of the new Areana comes into play.<\/div>\n<\/div>\n
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Posted by:<\/strong> Chuco on March 17, 2016, 12:48 am<\/p>\n

Just read another article how an investigator found evidence that Caesars Entertainment lllegally sold off\/spun off valuable assets to screw over bond holders and investors. Found the article on Las Vegas advisor. Perhaps a moderator could create a link to the article.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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