Caesars Entertainment slips to $1.20bn net loss in 2019
Caesars Entertainment Corporation (CEC) reported a slight increase in revenue for 2019, though fair value changes in its convertible notes led to the operator posting a $1.20bn (£925.7m/€1.10bn) net loss for the year.
Net revenue for the 12 months to December 31 amounted to $8.74bn, up 4.2% from $8.39bn in the previous year.
Caesars said this increase was driven by its acquisition of rival operator Centaur Holdings in July 2018, as well as a strong performance in Las Vegas, Nevada, and favourable hold during the year.
However, Caesars also noted that these positive factors were offset by lower gaming volume at its Atlantic City properties due to increased competition and poor weather across some of its locations.
Las Vegas revenue amounted to $3.92bn, up 4.4% on the previous year, while net revenue from other states across the US also climbed 4.4% to $4.23bn. Caesars also saw grow in other areas of the business, with other revenue climbing 1.2% to $598m.