Caesars records narrowed loss in 2017

Wednesday 7th of March 2018

U.S.-based casino operator, Caesars Entertainment Corp produced a narrowed net loss of $375 million in 2017, due mainly to a $2 billion tax benefit offset by $2.3 billion on restructuring expenses and debt extinguishment.

Net revenues reached $4.85 billion in 2017, an increase of 25.1 percent year-on-year. A majority of this was due to an increase in casino revenues, which reached $2.9 billion in the year, up 31.6 percent. Adjusted EBITDAR reached $1.4 billion, exceeding expectations.

Caesars president and CEO Mark Frissora said the company recorded revenue growth across all segments compared to 2016.

"Same-store gaming revenues increased company-wide for the full year despite unfavorable hold of approximately $80 million. Non-gaming revenues and Las Vegas RevPAR increased for the full year, driven by room renovations and overall strength of our hospitality assets,” he said.

Frissora most recently returned from Japan in February, with the company’s executives meeting with local officials and the media.

Caesars Entertainment has also been a strong presence in Japan, with a bid to be part of an IR in Osaka.

Frissora was most recently in Osaka, meeting with Governor Ichiro Matsui and Mayor Hirofumi Yoshimura, presumably about its IR plans in the city.

Earlier this month Caesars became an Official Partner with Osaka in its bid to host the 2025 World Expo in Yumeshima, next to the planned site for the major IR.

The meeting with the governor and the expo sponsorship demonstrated Caesars’ strong intention to bid for the Yumeshima site.

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