Struggling casino operator Caesars Entertainment lost a whopping $761.4m in Q3, despite revenue falling a mere 0.7% to $2.18b. As usual, the fact that Caesars had to ante up $563m in interest charges on its crippling $23.8b debt load erased any potential for black ink.
In the Earnings Call Transcript from Caesars Entertainment Management Discussion…
“We see the Vegas gaming market kind of flat-ish, I’d say, and the hospitality in Vegas are strong positive. And then you add on to that all the investments and the return we’ll get from these investments being a big strong positive. So we see certainly our business improving next year as a result of the positive operating improvements we get from harvesting our investments, particularly in the Vegas market. ”
Caesars Entertainment Corporation, formerly Harrah’s Entertainment, Inc., incorporated on November 2, 1989, is a casino entertainment provider in the world. The Company’s business is conducted through a wholly owned subsidiary, Caesars Entertainment Operating Company, Inc. (CEOC). As of December 31, 2010, it owned, operated or managed 52 casinos in seven countries, but primarily in the United States and England. Its casino entertainment facilities operate under the Harrah’s, Caesars and Horseshoe brand names in the United States.
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