Tags: Caesars | Entertainment | Loss | Atlantic

Caesars Entertainment Loss Widens on Atlantic City Writedown

Tuesday, 29 Oct 2013 07:48 PM

 

Caesars Entertainment Corp., the largest owner of casinos in the U.S., said its net loss widened to $761.4 million as the company wrote down properties in Atlantic City and gambling revenue fell.

The loss totaled $6.03 a share, including $930.9 million in impairment charges, the Las Vegas-based company said Tuesday in a statement.

Competition in Atlantic City hurt casino revenue, the company said. A weak regional market in the U.S. and the loss of sales after Caesars sold part of its holding in a Uruguay casino also contributed to a 7.1 percent drop in casino revenue.

Caesars was expected to lose $1.28 per share, the average of seven analysts’ estimates. Third-quarter revenue fell 0.7 percent to $2.18, missing the $2.24 billion average estimate.

Caesars shares fell 0.9 percent to $18.40 at the close in New York. The shares have advanced 166 percent this year.

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