Caesars Entertainment net revenues up 21 percent in 15Q1

Thursday 7th of May 2015

Caesars Entertainment Corporation posted a 21 percent year-on-year increase in net revenues for the first quarter of 2015, driven by strong performances at its interactive arm and new openings, the company announced.

Net revenues for CEC increased 21 percent to $1.09 billion, while adjusted EBITDA during the first quarter grew 36.8 percent YoY to $301 million primarily due to cost savings and EBITDA enhancing initiatives, the company said.

The company’s revenues were driven by Caesars Interactive Entertainment and new openings, including Horseshoe Baltimore, The Cromwell and The LINQ promenade.

"Our first quarter results were driven by strength in CIE's social and mobile games business, contributions from new hospitality amenities and favorable hold. These factors, coupled with improved margins due to cost savings initiatives, drove improved Adjusted EBITDA performance across all segments of our business," said Gary Loveman, chairman of CEC.

"While we are pleased with our first quarter performance, we are focused on driving further same-store revenue growth, effectively managing expenses and making critical hospitality investments to position the business for long-term growth."

Effective January 15, 2015, Caesars Entertainment deconsolidated CEOC after a voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code.

“As such, all amounts presented in this earnings release exclude the operating results of CEOC subsequent to January 15, 2015. Prior period results have not been recasted to reflect the deconsolidation of CEOC.”

Caesars Vegas 15Q1