PR Newswire
LAS VEGAS, Aug. 3, 2017
LAS VEGAS, Aug. 3, 2017 /PRNewswire/ -- Caesars Entertainment Corporation (NASDAQ: CZR) ("CEC") today reported second quarter of 2017 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.
Second Quarter 2017
"In the second quarter, stronger gaming fundamentals across most of our properties were offset by expected unfavorable year-over-year hold, primarily in baccarat, and the impact of more hotel rooms off the market for renovation," said Mark Frissora, President and Chief Executive Officer. "Despite these second-quarter headwinds, we have seen improved performance in the third quarter and believe we are on track to surpass our initially disclosed 2017 full-year EBITDAR projections by at least $40 million before the anticipated deconsolidation of Horseshoe Baltimore. We currently expect to complete the restructuring of CEOC and the merger of Caesars Entertainment and Caesars Acquisition in the first week of October, which will allow us increased flexibility to prudently invest in growth."
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 January 2017, the U.S. Bankruptcy Court for the Northern District of Illinois approved CEOC's Plan of Reorganization.
Supplemental materials have been posted on the Caesars Entertainment Investor Relations website at http://investor.caesars.com/financials.cfm.
| Three Months Ended | |
Change % | | Six Months Ended | |
| ||||||||||||||
(Dollars in millions, except per share data) | 2017 | | 2016 | | | 2017 | | 2016 | | ||||||||||||
Casino revenues | $ | 554 | | | $ | 553 | | | 0.2% | | | $ | 1,086 | | | $ | 1,091 | | | (0.5)% | |
Net revenues | 1,002 | | | 992 | | | 1.0% | | | 1,965 | | | 1,942 | | | 1.2% | | ||||
Income from operations | 157 | | | 111 | | | 41.4% | | | 315 | | | 199 | | | 58.3% | | ||||
Restructuring of CEOC and other | (1,410) | | | (2,026) | | | 30.4% | | | (1,873) | | | (2,263) | | | 17.2% | | ||||
Loss from continuing operations, net of income taxes | (1,426) | | | (2,068) | | | 31.0% | | | (1,950) | | | (2,375) | | | 17.9% | | ||||
Discontinued operations, net of income taxes | — | | | 25 | | | (100.0)% | | | — | | | 58 | | | (100.0)% | | ||||
Net loss | (1,426) | | | (2,043) | | | 30.2% | | | (1,950) | | | (2,317) | | | 15.8% | | ||||
Net loss attributable to Caesars | (1,442) | | | (2,077) | | | 30.6% | | | (1,988) | | | (2,385) | | | 16.6% | | ||||
Basic and diluted loss per share | (9.68) | | | (14.25) | | | 32.1% | | | (13.42) | | | (16.39) | | | 18.1% | | ||||
Property EBITDA (1) | 311 | | | 304 | | | 2.3% | | | 601 | | | 580 | | | 3.6% | | ||||
Adjusted EBITDA (1) | 289 | | | 290 | | | (0.3)% | | | 563 | | | 551 Werbung Mehr Nachrichten zur Caesars Entertainment (old) Aktie kostenlos abonnieren
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