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Caesars Losses: $384 Million

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(Photo by Ethan Miller/Getty Images)

(Photo by Ethan Miller/Getty Images)

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LAS VEGAS (AP) — Caesars Entertainment has reported a wider first-quarter loss as gambling revenue fell and the company’s casinos outside of Las Vegas faced stiffer competition and bad weather.

The Las Vegas-based company lost $386.4 million, or $2.82 cents per share in the period ending March 31. A year earlier it lost $217.6 million, or $1.74 cent per share.

Revenue fell 2 percent to $2.1 billion.

The company announced late Tuesday that it was restructuring its $23 billion in long-term debt to eliminate more than $1 billion in obligations that were coming due in 2015. Its shares jumped more than 14 percent Wednesday.

Caesars says the opening of its LINQ development in Las Vegas has helped boost visitor numbers. The entertainment district features the world’s tallest Ferris wheel.

 

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 This material may not be published, broadcast, rewritten or redistributed.

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