Caesars Entertainment has achieved a 0.2 per cent year-on-year rise in net revenues to US$8.586bn.
The world’s largest land-based gaming operator blamed the modest increase on the effects of Hurricane Sandy, reporting that net revenues from the affected Atlantic City operations dropped by 8.6 per cent year-on-year to $1.681bn, resulting in an annual loss of $394.6m.
However, the firm’s Caesars Interactive Entertainment and Playtika subsidiaries together reported a 106.2 per cent year-on-year boost in annual net revenues to $275.7m although their total losses rose by 77.3 per cent when compared with the same period in 2011.
“The fourth quarter capped a year that was marked by significant progress on our strategy to reinvigorate our core business, expand our domestic distribution network, pursue growth online and internationally and continue to improve the company's capital structure,” said Gary Loveman, chairman, CEO and president.
“In our core business, we were encouraged by double-digit growth in customer spend per trip in our Las Vegas region and an overall 6.2 per cent increase in that key metric.
“In the internet space, Caesars acquired Bingo Blitz, further boosting our presence in the social and mobile games market. We received approval from Nevada gaming regulators of our application for a licence to be an operator of interactive gaming in that state and expect to begin offering play in the coming months.
“We are also encouraged by New Jersey Governor Chris Christie's support of online gaming in his state and anticipate having the opportunity to pursue online gaming there soon.”
