Caesars Entertainment has announced its financial results for the first quarter of 2017.
Net revenues increased 1.4 per cent year-over-year to $963m, primarily attributable to strong growth in the Las Vegas region due to improved hotel performance. Adjusted EBITDA grew five per cent year-over-year to $274m.
Net loss, before including the effect of non-controlling interest, was $524m, which the company attributes to a $466m accrual related to the restructuring of Caesars Entertainment Operating Company.
Mark Frissora, president and chief executive officer of the company, said: “Caesars Entertainment delivered another quarter of successful execution, highlighted by strong growth in hotel revenues fuelled by a double-digit percentage increase in Las Vegas Cash ADR. These gains reflect the positive impact of our investments in property renovations.
“Rising hotel revenues combined with increased operating efficiency drove higher EBITDA and supported our continued margin expansion. The conclusion of CEOC’s restructuring is on track for the second half of the third quarter and represents an important milestone that will allow us to expand the range of growth opportunities available to us.”
