The strong performance of its Caesars Entertainments’ Las Vegas properties helped to boost its total revenue for the April-June 2019 period. Revenue rose 4.9% year-on-year, reaching US$2.22 billion.
“Our Las Vegas performance was the result of strong group and leisure demand, which produced an all-time quarterly record for hotel cash revenue and occupancy for the second consecutive quarter,” said Caesars CEO Tony Rodio.
Despite the revenue growth, the company swung into a net loss of US$315 million for the quarter, down from a profit of US$29 million in the prior-year period, due to higher expenses.
The company also noted competitive pressures in Atlantic City and other regional US casinos were a negative factor in the quarter.
In June this year, Caesars and Eldorado Resorts announced they had reached a US$17.3 billion merger agreement in a deal which will create the largest US IR operator, if it wins approval from regulators and shareholders. The merged entity will continue to operate under the Caesars name. (AGB)