Quarterly loss increases for parent company of Harrah’s-Harveys


By Steve Green, Las Vegas Sun

Hotel-casino operator Caesars Entertainment Corp. of Las Vegas on Tuesday said its first-quarter loss widened, even as business improved in Las Vegas.

Caesars said it lost $280.6 million, or $2.24 per share, in the quarter ended March 31 vs. a loss in the year-ago quarter of $147.5 million, or $1.18.

Net revenue of $2.27 billion was up 4.3 percent.

Caesars said the loss widened as interest costs for its $19.79 billion in debt increased.

Caesars said that in Las Vegas, where its properties include Planet Hollywood and the Rio, visitation to its hotels and casinos increased 5.9 percent during the quarter vs. 2011’s first quarter.

Las Vegas customers, however, spent 1.7 percent less per trip during the quarter, Caesars said.

For Las Vegas, this resulted in quarterly net revenue of $771.6 million, up 6.2 percent from the 2011 period.

Las Vegas EBITDA on the property level increased 9.3 percent to $211.3 million. EBITDA is a key casino industry performance measure meaning earnings before interest, taxes, depreciation and amortization.

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Comments (3)
  1. Citizen Kane says - Posted: May 2, 2012

    how does a casino company racks up 19.79 BILLION in debt?

  2. sunriser2 says - Posted: May 2, 2012

    Need to pay Loveman’s bonus.

    They should bring the judge up from Reno who thought it wasn’t a monopoly when Harrah’s purchased Harvey’s.

    He needs to see what he did to this town.

  3. Hangs Ups From Way Back says - Posted: May 2, 2012

    It’s not just the Casinos,
    I REALLY DON’T THINK THE PUBLIC UNDERSTANDS THINGS AND NUMBERS LOOK GOOD ON PAPER, Especially SINCE WE LOST FORTUNES OF PEOPLE MONIES AND HOME EQUITIES, MILLIONS OF JOBS.
    The nation is still on the edge of a double dip Mini Depression, CASINOS, CHAIN STORES,EVEN GAS STATION AREN’T MAKING THE PROFITS THAT WERE FORECASTED.
    Soon after the debt crisis hit in 2008, he nearly TRIPLED the size of the Fed’s balance sheet from about 6% of GDP to almost 17% of GDP.
    And in the years since, has pumped it up even further to about 20% of GDP!
    Because slowly everyone is realizing that it is not the Fed that is the marginal creator of fake money. It is everyone.
    Primary beneficiary of these hundreds of billions in excess liquidity from around the world, has so far been the US, where courtesy of the biggest equity market, the reflexive flaw that the stock market is the economy has led to what some have noted is decoupling, when in reality it is merely outperformance of the US stock market, where the bulk of global liquidity has concentrated. And now, like in 2011, that liquidity is starting to spill over again: gas just hit $3.87, and rising ever faster, which just happens to be the most direct, implicit tax on US consumer. And it is now detracting from growth.
    If people here in tourist town are expecting a big gain this summer, I say you’re in for a disappointment.
    Have any you noticed so many people over crowding these rentals this year or even the second home owners aren’t opening their places as early or staying as long?
    The shows down at Stateline aren’t breaking any records selling tickets and the beaches should be open at least on the weekends to promote business, but there’s no money to do so.