Las Vegas-based Caesars Entertainment Corp. saw first quarter net revenue more than double in 2018Q1 compared to the prior year, reaching US$1.97 billion.
The company, which has been actively pursuing an IR license in Japan, said the increase was due to the inclusion of results of the Caesars Entertainment Operating Company (CEOC), which emerged from bankruptcy in the fourth quarter of 2017.
Net loss for the quarter also improved in 2018Q1, narrowing to US$473 million, compared to US$507 million. Caesars said this was due to restructuring charges in the prior year.
Adjusted EBITDA improved by US$243 million, reaching US$518 million in the quarter.
“I’m pleased to report that Caesars Entertainment delivered solid operating performance in the first quarter, reflecting progress on our marketing initiatives, continued success in driving operating efficiencies and strong execution on our growth initiatives,” said Caesar president and CEO Mark Frissora in an earnings call.
The gaming executive noted that core business growth was offset by notable headwinds in the quarter, including unfavorable hold, several weather-related property closures in the United States, lower hospitality revenues in Las Vegas due to a large trade show that fell in the quarter, as well as some lingering impact from the October 1 shooting.
Looking ahead, Eric Hession, executive vice president and chief financial officer, said the company remains optimistic for its earning outlooks for the full year, with stable gaming and hotel results observed in April and favorable economic indicators. (AGB)