Caesars losses continue to grow
By Anna Prior and Josh Beckerman, Wall Street Journal
Caesars said its most recent results reflect strength in Las Vegas, helping to offset less favorable conditions in Atlantic City, N.J., and regional markets.
Caesars Entertainment Corp. said its second-quarter loss widened as the casino operator said strong Las Vegas results were offset by persistent softness in Atlantic City and regional markets, including Lake Tahoe. Caesars in the parent company of Harrah’s Lake Tahoe and Harveys in Stateline.
Caesars has struggled to recover fully from the recession and hasn’t posted a profit since late 2009. The company runs casinos across the U.S. with hubs in Las Vegas and Atlantic City. It has been weighed down by its debt load since the recession, and its failure to acquire a gambling license in Macau has hobbled its ability to compete in that fast-growing market.
Last week, Caesars and a group of its creditors traded competing lawsuits over the company’s plans to rework its more than $20 billion debt load.
On Monday, Caesars reported a second-quarter loss of $466.4 million, or $3.24 a share, compared with a prior-year loss of $212.2 million, or $1.69 a share. The loss from continuing operations widened to $3.06 a share from $1.65.