Caesars Entertainment Reports Fourth Quarter and Full-Year 2015 Results
February 24, 2016 2:09am
LAS VEGAS , Feb. 23, 2016 -- Caesars Entertainment Corporation ( NASDAQ : CZR) today reported fourth quarter and full-year 2015 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.
Fourth Quarter and Full-Year Highlights
"Caesars achieved solid operating momentum throughout 2015. Including CEOC's results, the enterprise experienced its best full-year of operating results since 2007," said Mark Frissora, President and CEO of Caesars Entertainment. "These results largely reflect higher hotel revenues, with cash ADR up double-digits, and increased marketing and operational efficiencies, which delivered approximately $350 million in incremental EBITDA enterprise-wide year-over-year."
"The ability to generate this level of sustained growth is a testament to the success of our low-cost, high-quality operating model. We remain focused on executing a balanced agenda of enhancing revenue growth while driving productivity gains to improve margins and cash flow, while increasing long-term value for our stakeholders," Frissora concluded.
Summary Financial Data
Effective January 15, 2015, CEC deconsolidated CEOC subsequent to its voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code. As such, all amounts presented in this earnings release exclude the operating results of CEOC subsequent to January 15, 2015. Prior period results have not been recast to reflect the deconsolidation of CEOC.
Because CEOC operating results for 2015 are not comparable with 2014 as a result of CEOC's deconsolidation, the analysis of our operating results in this release will include discussion of the components that remain in the consolidated CEC entity subsequent to the deconsolidation of CEOC. In the table below, "Continuing CEC" represents CERP, CGP Casinos, CIE, other non-operating subsidiaries and associated parent company and elimination adjustments that represent the Caesars structure as of December 31, 2015, and for periods subsequent to the deconsolidation of CEOC.
Supplemental materials have been posted on the Caesars Entertainment Investor Relations website at http://investor.caesars.com/financials.cfm.
In August 2015, the Company announced that it had secured the support of CEOC's largest and most senior creditor constituencies, representing holders of more than 80% of CEOC's First Lien Bank Debt and First Lien Notes. The following results include Caesars Entertainment's accrual of $52 million and $1 billion of commitments to the First-Lien RSAs related to the restructuring of CEOC for the fourth quarter and year ended December 31, 2015, respectively.
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q4 2015 results
Caesars Entertainment is the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. CEC is mainly comprised of the following three entities: wholly owned Caesars Entertainment Resort Properties ("CERP"), Caesars Growth Partners, LLC ("CGP"), in which we hold a variable economic interest, and the majority owned operating subsidiary Caesars Entertainment Operating Company ("CEOC") (which was deconsolidated effective January 15, 2015 due to its bankruptcy filing). Since its beginning in Reno, Nevada , in 1937, CEC has grown through development of new resorts, expansions and acquisitions. The Caesars system of properties now operates 50 casinos in 14 U.S. states and five countries. CERP and CGP operate a total of 12 casinos. CEC's resorts operate primarily under the Caesars®, Harrah's®, and Horseshoe® brand names. CEOC's portfolio also includes the Caesars Entertainment UK (formerly London Clubs International ) family of casinos.
The Caesars system of properties is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence, and technology leadership. The Company is committed to system-wide environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.
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