Caesars Acquisition Company Reports Fourth Quarter and Full-Year 2015 Results

LAS VEGAS, Feb. 23, 2016

Fourth Quarter 2015 Highlights

• Continued strong results in the Interactive Entertainment business unit with net revenues and Adjusted EBITDA up 33.8% and 62.6% year over year, respectively
• Recorded consistent growth in the Casino Properties and Development business unit with net revenues and Adjusted EBITDA up 5.9% and 34.3% year over year, respectively, primarily due to the availability of rooms and increased rates as a result of renovations at The LINQ Hotel & Casino and marketing and operational efficiencies

Full-Year 2015 Highlights

• Posted a record year in the Interactive Entertainment business unit with net revenues and Adjusted EBITDA up 30.6% and 59.7% year over year, respectively
• Delivered impressive growth in the Casino Properties and Development business unit with net revenues and Adjusted EBITDA up 23.3% and 44.1% year over year, respectively

Operating Results of CGP LLC

In May 2014, subsidiaries of CGP LLC acquired Bally's Las Vegas, The Cromwell, The LINQ Hotel & Casino and Harrah's New Orleans from subsidiaries of Caesars Entertainment Operating Company, Inc. ("CEOC"). Because these acquisitions were accounted for as transactions among entities under common control, the financial information herein includes the financial results for these properties as if those businesses were combined into the CGP LLC reporting entity through the May 2014 acquisition dates and consolidated into CGP LLC after the May 2014 acquisition dates. Therefore, the financial information contained herein provides comparable results for the periods presented.

	Three Months Ended December 31,								Percent Favorable ARIVA.DE Börsen-Geflüster Kurse Caesars Acquisition Company -   0,00% Caesars Entertainment (old) -   0,00%			Year Ended December 31,								Percent Favorable(2)
(In millions)	2015				2014							2015				2014
Interactive entertainment net revenues	$	209.2			$	156.4			33.8%			$	766.5			$	586.8			30.6%
Casino properties and developments net revenues	392.4				370.5				5.9%			1,579.0				1,280.8				23.3%
Total net revenues	601.6				526.9				14.2%			2,345.5				1,867.6				25.6%
Income/(loss) from operations	93.7				(199.1)				147.1%			483.0				(108.0)				N/M
Net income/(loss) from continuing operations	27.3				(265.2)				110.3%			228.9				(197.6)				215.8%
Net loss from discontinued operations	—				—				0.0%			—				(15.6)				100.0%
Adjusted EBITDA(1)	155.3				103.4				50.2%			632.3				416.2				51.9%

________________________________________

Financial Results

Fourth Quarter 2015 results compared with Fourth Quarter 2014

Net revenues for the fourth quarter of 2015 were $601.6 million as compared to $526.9 million for the respective period in 2014, which was an increase of $74.7 million, or 14.2%. The increase in revenue for Caesars Interactive Entertainment, Inc. ("Interactive Entertainment" or "CIE") was primarily driven by strong organic growth in the social and mobile games operating unit. The increase in revenues for Casino Properties and Developments was primarily due to the availability of rooms and increased room rates as a result of renovations at The LINQ Hotel & Casino which was substantially completed and available to guests in early May 2015, and higher volumes at Horseshoe Baltimore, and was partially offset by lower revenues at Harrah's New Orleans as a result of the April 2015 smoking ban.

Income from operations for the fourth quarter of 2015 was $93.7 million as compared to a loss of $199.1 million for the same period in 2014, which was an improvement of $292.8 million, or 147.1%. The improvement in income from operations was primarily attributable to the impairment of goodwill for Bally's Las Vegas recognized in the fourth quarter of 2014, an increase in revenues, an increase in the fair value of contingently issuable non-voting membership units in 2014 as well as reduced write-downs, reserves, and project opening costs, net of recoveries related to the Horseshoe Baltimore construction in 2014. Excluding the impact of the impairment of goodwill for Bally's Las Vegas recognized in the fourth quarter of 2014 and the change in the fair value of contingently issuable non-voting membership units, income from operations for 2015 increased by $90.0 million primarily due to the income impact of increased revenues and reduced operating expenses.

Adjusted EBITDA for the fourth quarter of 2015 and 2014 was $155.3 million and $103.4 million, respectively, which is an increase of $51.9 million, or 50.2%, driven primarily by the income impact of increased revenues and reduced operating expenses.

Year ended December 31, 2015 results compared with December 31, 2014

Net revenues for 2015 were $2,345.5 million as compared to $1,867.6 million in 2014, which was an improvement of $477.9 million, or 25.6%. The increase in revenues for CIE was primarily driven by strong organic growth in CIE's social and mobile games, as well as the February 2014 acquisition of Pacific Interactive. The increase in revenues for Casino Properties and Developments was primarily a result of the openings of The Cromwell in May 2014 and Horseshoe Baltimore in August 2014, increased rates and the availability of rooms as a result of renovations at The LINQ Hotel & Casino which was substantially completed and available to guests in early May 2015, and was partially offset by lower revenues at Harrah's New Orleans as a result of the April 2015 smoking ban.

Income from operations for 2015 was $483.0 million as compared to a loss of $108.0 million in 2014, which was an improvement of $591.0 million. The improvement in income from operations was primarily attributable to an increase in revenue, a decrease in the fair value of contingently issuable non-voting membership units in 2015, the impairment of goodwill for Bally's Las Vegas recognized in the fourth quarter of 2014 and offset by increased expenses resulting from the opening of the Horseshoe Baltimore. Excluding the impact of the change in fair value of contingently issuable non-voting membership units and the change in fair value of contingent consideration from both periods as well as the impairment of goodwill for Bally's Las Vegas, income from operations for 2015 improved by $254.9 million primarily due to the income impact of increased revenues partially offset by operating expenses incurred after the openings of The Cromwell and Horseshoe Baltimore.

Net loss from discontinued operations was $15.6 million for 2014, related to one of CIE's development studios in Minsk, Belarus which was disposed of in the fourth quarter of 2014.

Adjusted EBITDA for 2015 and 2014 was $632.3 million and $416.2 million, respectively. The increase of $216.1 million, or 51.9%, from prior year was driven primarily by the income impact of increased revenues partially offset by operating expenses incurred after the openings of The Cromwell and Horseshoe Baltimore.

Business Units Operating Results
Interactive Entertainment
	Three Months Ended December 31,								Percent Favorable			Year Ended December 31,								Percent Favorable
(In millions)	2015				2014							2015				2014
Net revenues	$	209.2			$ Werbung Mehr Nachrichten zur Caesars Entertainment (old) Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:56 - PR Newswire Datang Intnl Pwr Gen - CONNECTED TRANSACTION ANNOUNCEMENT 09:44 - PR Newswire Datang Intnl Pwr Gen - 2023 Annual Report 08:29 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Wincanton Plc Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59