- Net Income for Caesars increased by 4.9% while income from operations decreased 4.6% in Q2.
- Caesars Entertainment announced on June 24, 2019, that the company will merge with Eldorado Resorts.
- Caesars also plans to open sportsbooks in Iowa, Illinois, and Indiana.
LAS VEGAS – Stakeholders in Caesars Entertainment just got a better look at the company after second-quarter financial figures were released. Insight into how the company plans to capture some of the growing US sports betting industry was also revealed.
According to the company’s press release, Caesars’ net revenues increased 4.9% to $2.22 billion while income from operations decreased 4.6% to $269 million. The net loss that was attributable to Caesars was $315 million which equated to a basic loss per share of $0.47.
“Caesars delivered solid financial results in the second quarter driven by the contribution from Centaur and strength from our Las Vegas hotel and food and beverage business,” said Tony Rodio, CEO of Caesars Entertainment.
“Our Las Vegas performance was the result of strong group and leisure demand, which produced an all-time quarterly record for hotel cash revenue and occupancy for the second consecutive quarter. These results were partially offset by competitive pressures in Atlantic City and other parts of our regional portfolio as well as unfavorable hold predominately at Caesars Palace.”
The third quarter of 2019 may look different, however, given the fact that multiple states in the US with legal sports betting are hoping to launch soon and many of the companies Midwest properties are looking to expand into the sportsbook business.Caesars Entertainment is currently designing seven sportsbooks in Indiana and is looking to add sports betting inside of its Illinois and Iowa properties. The New York sportsbooks launched by the Oneida Nation on August 1, were also the result of a partnership with Caesars.
While the ability to offer legal sports betting in more properties was big news for the company, the biggest move came on June 24, 2019, when Caesars announced that they will merge with Eldorado Resorts.
The merger isn’t expected to be completed until the first half of 2020, but the company is concentrated on using its assets now to create positive financial results.
“As we work toward successful completion of the proposed merger with Eldorado Resorts, the management team and I remain focused on improving the company’s operations and financial profile through incremental revenue opportunities and operating efficiencies,” said Rodio.
“I’m confident that the proposed transaction will create an industry leading platform poised to succeed in our dynamic industry.”
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.