Caesars Entertainment achieved its best quarterly financial gains in three years during the three months to June 30, the company's management claimed.
The US-based operator saw revenues increase just 0.4 per cent to $2.3bn, but its income stood at $252.1m, compared with a loss of $0.3m in 2010. Net loss attributable to the company fell to $155.5m from $274m a year earlier.
Caesars said its revenues for the first half of 2011 were flat compared with the same period in 2010, following the temporary closures of seven properties in regions badly affected by severe weather conditions. The impact of this was offset by increased spend per trip and full six-month figures from the recently acquired Planet Hollywood Las Vegas.
Income from operations for the first half of this year was $465.7m, up from $225.5m in the corresponding period last year. The company’s net loss, meanwhile, fell from $469.6m last year to $302.9m.
Gary Loveman, CEO and president of Caesars, said the second-quarter results demonstrated how the organisational and strategic changes made over the last few years in light of the recession are now paving the way for growth.
"The changes we’ve made, coupled with improved spend-per-trip fundamentals and overall improvements in Las Vegas, were largely responsible for our best quarterly gains in three years," he said. "We are continuing to implement programmatic initiatives to improve our efficiency and flexibility, which should serve us well when the economy improves."
