PR Newswire
LAS VEGAS, Nov. 7, 2016
LAS VEGAS, Nov. 7, 2016 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) today reported third quarter of 2016 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.
Highlights
"We achieved another solid quarter of performance, with a 3 percent increase in revenues paced by strong results in Las Vegas, our largest market," said Mark Frissora, President and Chief Executive Officer of Caesars Entertainment. "We also continued to expand margins, a testament to the progress we have made to manage costs effectively while delivering enhanced customer service. Going forward, we remain focused on driving a balanced agenda of revenue growth and productivity gains to increase margins and cash flow. Our progress year to date gives us confidence that we are on the right path as we strive to maximize value for our stakeholders."
Summary Financial Data
The results of CEOC and its subsidiaries are no longer consolidated with Caesars subsequent to CEOC and certain of its United States subsidiaries (the "Debtors") voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") on January 15, 2015. In October, all of CEOC's major creditor groups signed amended restructuring support agreements and have agreed to the terms of the latest plan of reorganization. This is a key milestone in CEC and CEOC's efforts to implement a consensual restructuring and paves the way toward a successful conclusion of CEOC's bankruptcy in 2017.
In the table below, "Continuing CEC" represents Caesars Entertainment Resort Properties, LLC ("CERP"), Caesars Growth Partners, LLC ("CGP") (inclusive of CIE), other non-operating subsidiaries and associated parent company and elimination adjustments that represent the Caesars consolidated reporting entity as of September 30, 2016, and for subsequent periods.
Supplemental materials have been posted on the Caesars Entertainment Investor Relations website at http://investor.caesars.com/financials.cfm.
| Three Months Ended September 30, | | Change % | |||||||
(Dollars in millions, except per share data) | 2016 | | 2015 | | ||||||
Casino revenues | $ | 542 | | | $ | 542 | | | —% | |
Net revenues | 986 | | | 957 | | | 3.0% | |||
Income/(loss) from operations | (44) | | | 84 | | | * | |||
Deconsolidation and restructuring of CEOC and other | (3,070) | | | (935) | | | * | |||
Loss from continuing operations, net of income taxes | (3,288) | | | (792) | | | * | |||
Discontinued operations, net of income taxes | 3,293 | | | 36 | | | * | |||
Net income/(loss) | 5 | | | (756) | | | * | |||
Net loss attributable to Caesars | (643) | | | (791) | | | 18.7% | |||
Basic loss per share | (4.38) | | | (5.44) | | | 19.5% | |||
Diluted loss per share | (4.38) | | | (5.44) | | | 19.5% | |||
Property EBITDA (1) | 287 | | | 262 | | | 9.5% | |||
Adjusted EBITDA (1) | 269 | | | 246 | | | 9.3% |
| Nine Months Ended September 30, | | Continuing CEC Change % | |||||||||||||||
| 2016 | 2015 | | |||||||||||||||
(Dollars in millions, except per share data) | Continuing CEC (2) | | Continuing CEC (2) | | CEOC (3) | | Reported CEC | | ||||||||||
Casino revenues | $ | 1,633 | | | $ | 1,641 | | | $ | 118 | | | $ | 1,759 | | | (0.5)% | |
Net revenues | 2,928 | | | 2,850 | | | 158 | | | 3,008 | | | 2.7% | |||||
Income from operations | 155 | | | 296 | | | 9 | | | 305 Werbung Mehr Nachrichten zur Caesars Entertainment (old) Aktie kostenlos abonnieren
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