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Caesars Reports Narrower 2Q Loss, Uptick in Revenue

LAS VEGAS (AP) — Caesars Entertainment Corp. on Thursday reported a narrower second-quarter loss and an uptick in revenue.

The casino operator posted a loss of $1.44 billion in its quarter that ended June 30. That was an improvement from the $2.01 billion loss posted in the same quarter a year ago.

On a per-share basis, the Las Vegas-based company said it had a loss of $9.68 in the latest quarter. Losses, adjusted for restructuring costs, were 21 cents per share.

It reported revenue of $1 billion in the period, up from $992 billion a year ago.

“In the second quarter, stronger gaming fundamentals across most of our properties were offset by expected unfavorable year-over-year hold, primarily in baccarat, and the impact of more hotel rooms off the market for renovation,” said Mark Frissora, Ceasars’ president and CEO.

Caesars’ shares have risen 44 percent since the beginning of the year and 67 percent in the last 12 months. They were down 20 cents or 1.6 percent, to $12 in extended trading following the release of the earnings report.

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