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Caesars Entertainment Narrows Loss in Second Quarter 2011
from $274 million to $155.5 million

By Steve Green, Las Vegas SunMcClatchy-Tribune Regional News

Aug. 09, 2011--Caesars Entertainment Corp. today joined other big Las Vegas Strip casino operators in reporting stronger business trends.

And thanks in part to cost cutting, the company narrowed its quarterly loss from $274 million in 2010's second quarter to $155.5 million in the 2011 second quarter.

Net revenue increased slightly from $2.22 billion to $2.229 billion.

In Las Vegas, net revenue for the quarter increased 10.3 percent from the year-ago quarter to $786.4 million.

EBITDA, a key profitability measure, jumped nearly 32 percent in Las Vegas to $233.1 million.

EBITDA means earnings before interest, taxes, depreciation and amortization.

With big properties on the Las Vegas Strip such as Caesars Palace and Flamingo Las Vegas, the company today attributed the Las Vegas improvements to customers spending more at casinos and on hotel rooms as visitation levels were relatively flat compared to 2010's second quarter.

The economic turmoil on Wall Street erupted after the end of the second quarter and is something CEO Gary Loveman may address in a conference call later this morning.

On Monday, MGM Resorts International CEO Jim Murren said recent news of the problems on Wall Street and the with the federal deficit had not affected business for his company.


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Copyright (c) 2011, Las Vegas Sun

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