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Caesars Quarterly Loss: $1.7 Billion

LAS VEGAS (AP) — Caesars Entertainment Corp. has posted a large quarterly loss after taking a hefty impairment charge.

The casino corporation said it took goodwill and asset-impairment charges because of the continuing slump in Atlantic City and expectations that some property holdings may not last as long as expected.

The company, which runs the Caesars, Harrah’s, and Horseshoe brands, said it lost $1.76 billion in the last three months of 2013, or $12.83 per share. Caesars lost $480.3 million in the fourth quarter of 2012.

Its revenue rose 3 percent, to $2.08 billion from $2.01 billion, helped by a strong showing in Las Vegas

In after-hours trading, shares in Caesars slipped almost 5 percent after the release of the results.

 

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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