The impact of “severe” weather, increased competition and market softness found Caesars suffering losses for the three months of 2014. The company posted net revenue of $2.1 billion (€1.5 billion) in the first quarter of 2014, a decrease of 1.9% on the $2.14 billion achieved in the corresponding period in the previous year.

Casino revenue fell 8.6% to $1.4 billion but losses were slightly offset by the growth of the firm’s social and mobile business in its Caesars Interactive Entertainment subsidiary. Elsewhere, Caesars reported that adjusted earnings before interest, tax, depreciation and amortization for the quarter also fell 9.9% from $469.7 million last year to $423.1 million in the first quarter of 2014.

Incidentally, income from operations dropped 50.1% from $142.8 million in Q1 of 2013 to $71.3 million in the most recent quarter. Gary Loveman, chairman, chief executive officer and president of Caesars Entertainment Corporation, said although business was down in the first quarter, he was confident that the firm’s capital structure initiatives would help improve its financial health.

“In terms of capital structure initiatives, we completed the previously announced sale of Bally’s Las Vegas, The Cromwell and The Quad Resort & Casino to Caesars Growth Partners and expect to close on the sale of Harrah’s New Orleans in the second quarter subject to receiving approval by the Louisiana Gaming Control Board,” Loveman said.

The story of Caesars suffering losses for Quarter 1 of this year originally appeared on the iGaming Business website.