From iGaming Business – The world’s largest land-based gaming firm, Caesars Entertainment Corporation, has released its financial results for the second quarter of 2013 showing that net revenues had dropped by 0.3% year-on-year to $2.158bn.
Las Vegas-based Caesars Entertainment recently had a plan to spin-off its Caesars Interactive Entertainment Incorporated subsidiary, Planet Hollywood Resort and Casino and interests in a venue under development in Baltimore into an entity christened Caesars Growth Partners LLC approved by the Nevada Gaming Commission and the operator revealed that first-half overall revenues had decreased by 1.6% year-on-year to $4.301bn.
Caesars Entertainment declared that the falls were due to ‘challenging conditions in the gaming industry’ while stating that ‘positive underlying trends in food and beverage and hotel’ were emerging.
However, the firm’s Caesars Interactive Entertainment subsidiary reported that second-quarter net revenues had risen by 14.2% year-on-year to $86.4m while the figure for the six months to the end of June had improved by 19.2 percent when compared with the same period in 2012 to $167.4m.
The American operator saw its overall adjusted earnings before interest, tax, depreciation and amortisation for the three months to June 30 decline by 8.2% year-on-year to $470.5m while the half-year figure came in at $940.2m, which represented a reduction of 9.2% when compared with the corresponding period in 2012.
“We reached a number of key milestones against our strategic initiatives in recent months including breaking ground on Horseshoe Baltimore, setting a new attendance record at the World Series Of Poker; beginning construction on our meetings facility in Atlantic City and executing on our hospitality investments in Las Vegas,” said Gary Loveman, chairman, chief executive officer and president for Caesars Entertainment.
